Who needs newspapers when you’ve got the nation’s largest local TV conglomerate? That’s what Tribune Co. is saying these days, having spun off its newspapers (and requiring them to pay rent in buildings they own – think the Chicago Tribune renting its newsroom in Tribune Tower), and closed its purchase of Local TV Holdings, LLC, which owned FOX4.
The $2.75 billion sale added 19 stations in 16 markets to Tribune’s arsenal, the Kansas City Business Journal reported.
Here’s the PR:
Combining these two great media companies will deliver tremendous benefits for our viewers, advertisers, and most important, the communities we serve,” Peter Liguori, Tribune president and CEO, said in a statement. “This is a transformational acquisition for Tribune, providing us with significant scale to drive our business objectives and create substantial shareholder value.