Tribune Co. has agreed to purchase 19 television stations owned by Local TV Holdings in a $2.73-billion deal that is expected to make Tribune the largest television station group in the country.
Tribune and Local TV Holdings said early Monday that they had entered into a definitive agreement for Tribune to acquire all of Local TV’s television stations in a cash transaction. Local TV’s stations are located in 16 markets, including Denver, Salt Lake City, Cleveland and Kansas City.
The deal would give Tribune 42 television stations, up from 23 stations. The company will become the largest affiliated station group for Fox Broadcasting, owned by 21st Century Fox, with 14 Fox stations. Tribune also would own 14 stations carrying programming of the CW network, a joint venture between CBS Corp. and Warner Bros.
“This is a transformational acquisition for Tribune — it makes us the No. 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,” Tribune Chief Executive Peter Liguori said in a statement.
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