Tribune Media Closes On Real Estate Deals

Tribune Media today announced the closing of three real estate sales — Tribune Tower, Los Angeles Times Square and the Olympic Printing Plant (Los Angeles) —for $430 million in gross cash proceeds and potential contingent payments of $45 million for total consideration that could reach $475 million. President-CEO Peter Liguori said: “We have made considerable progress toward achieving our goal of realizing at least $1 billion of gross proceeds from the sale of some of our most significant real estate holdings. Real estate sales closed from 2014 through today’s announcement have generated $576 million of gross cash proceeds." He added that its remaining real estate portfolio is worth at least $500 million.