Tribune Co. completes deal to acquire Local TV

Dec. 28, 2013 at 2:46 PM
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CHICAGO, Dec. 28 (UPI) -- Tribune Co., owner of the Chicago Tribune and the Los Angeles Times, announced it has closed a deal that increases its TV holdings to 50 stations.

The company's $2.7 billion acquisition of Local TV makes Tribune one of the largest U.S. owners of local stations, the newspaper reported.

The Federal Communications Commission passed on the deal last week.

"The increase in scale of Tribune broadcasting promises to enhance every aspect of our business including our relationships with programmers, advertisers, and cable and satellite partners," President and Chief Executive Officer Peter Liguori said in an employee memo Friday. "As our industry continues to evolve, we will be in a position to work together to define the Tribune of the future."

Tribune Co. filed for Chapter 11 bankruptcy five years ago, coming out of it last year. The company owns the cable channel WGN America, WGN-AM, Chicago, and eight daily newspapers.

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