The Tribune Company is set to become the biggest television station company in the U.S. when it buys Local TV LLC, which is based in Cincinnati, Ohio.
The $2.725 billion cash deal will give Tribune 19 television stations in 16 markets, making it the largest commercial television station owner in the country, with 42 properties. Local TV will give Tribune stations in Cleveland, Denver, Kansas City, Milwaukee, Salt Lake City and St. Louis.
The transaction was approved by members of both companies' boards and will be completed by the end of the year.
Tribune emerged from Chapter 11 bankruptcy on Dec. 31, 2012, after four years. Since then, it has been shopping out its namesake newspaper group, which includes the Chicago Tribune, Los Angeles Times and Baltimore Sun.
Alexander C. Kaufman is a reporter at the International Business Times covering companies, retail and media. He joined in May 2013. Previously, he was an editor of...