The Tribune Company, along with Local TV Holdings, LLC, have announced they’ve entered into a definitive agreement for Tribune to buy all of Local TV’s 19 stations for $2.725 Billion in cash.
“This is a transformational acquisition for Tribune—it makes us the #1 local TV affiliate group in America, expands the distribution platform for our high-quality video content, and extends the reach of our digital products to new audiences across the country,” said Peter Ligouri, Tribune’s president and CEO. “We couldn’t be more excited about Tribune’s future as America’s leader in creating and distributing original content and local news programming.”
The buy will give Tribune 42 stations across the US including FOX affiliate KDVR in Denver, CO, and ABC affiliate WNEP in Scranton-Wilkes Barre, PA. Local TV had been operating Tribune’s CW affiliates in Denver (KWGN) and St. Louis, MO, (KPLR).
“My management team will dearly miss working with some of the most talented and dedicated people in broadcasting, but we know we leave our employees in good hands,” said Bobby Lawrence, Chief Executive Officer of Local TV. “I am grateful to our partners at Oak Hill Capital, who acquired the finest stations in the industry and helped us build this great company.”
The sale is expected to close by the end of 2013 pending FCC approval.