Tribune Co. is seeking a single buyer for all of its newspapers, said two people with knowledge of the process. Doing a single transaction would simplify the process for Tribune, letting it focus on its more lucrative television business. Freedom Communications Inc. is a potential buyer of the whole chain.
Sinclsir Broadcst Group completed its $385 million acquisition of eight Freedom Communications stations.
Sinclair Taps Michael Pumo To Lead WPEC
The Freedom Communications sales exec becomes GM of the CBS affiliate in West Palm Beach operated and being purchased by Sinclair.
Sinclair Broadcast Group has deals pending to buy Four Points Media for $200 million and the TV stations of Freedom Communications for $385 million, so it recently announced negotiations with its bankers for additional borrowing. Now the deal is done.
Sinclair Buying Freedom For $385 Million
The eight-station deal will give Sinclair two more duopolies, one in West Palm Beach-Fort Pierce, Fla., another in Albany-Schenectady-Troy, N.Y. It also makes Sinclair the country’s largest group in number of stations. Next in line for acquisition is LIN’s WWHO Columbus, Ohio, with a deal to be announced very soon.
The Wall Street Journal is reporting that buyout discussions between the publishers of the Denver Post and Orange County Register broke down recently amid disagreements over price, according to people familiar with the matter. Freedom Communications Inc., the Irvine, Calif., company that owns the Register, more than 100 other local newspapers and several television stations, is now turning attention to other possible suitors and could soon sell itself in whole or in pieces, the people said. Wall Street Journal subscribers can read the story here.
