Deals
Tribune Agrees to Buy 19 Local TV Stations for $2.73 Billion
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Tribune Co. agreed to buy Local TV Holdings LLC’s 19 television stations for $2.73 billion in cash, the biggest U.S. broadcasting deal in six years, to get better negotiating leverage with advertisers and cable companies.
The acquisition of Local TV, principally owned by Oak Hill Capital Partners, will almost double the number of Tribune’s stations to 42, according to a statement today. The Local TV assets include 16 markets, with top-rated stations in Denver, Cleveland and St. Louis, the companies said.