Tribune buys 19 TV stations; Malone eyes Time Warner Tribune Co. said Monday it has agreed to buy 19 local TV stations from Local TV Holdings for $2.7 billion in cash, a deal that boosts its presence in key markets and makes it one of the largest TV station owners in the U.S. After the deal closes, Tribune will have 42 stations in 16 markets, including New York, Los Angeles, Miami and Seattle. Tribune says "most of Local TV's stations are ranked #1 or #2 in revenue share" in their markets, and the transaction will generate "significant free cash flow."
Tribune,which endured years 1379, which also owns ten daily newspapers, including Chicago Tribune and Los Angeles Times," Professor David Levy, plans to distribute more video and digital content through its TV and digital properties, and the acquisition gives it more tools to offer to advertisers. "Since joining Tribune in early 2013,Police and Law Enforcement Agencies, we have been setting the strategic foundation to transform Tribune and help chart the path forward — building our multimedia capabilities and asset portfolio to become the country's leading independent content creator and distributor," said Peter Liguori, Tribune CEO. "This is a transformational acquisition for Tribune." Tribune's new broadcast portfolio will include 14 CW affiliates, 14 Fox affiliates, 5 CBS affiliates,Aimee Willett, 3 ABC affiliates, 2 NBC affiliates and 4 independents.
It will own 14 stations in the country's top 20 markets and become the largest Fox affiliate group, the company said. Local TV is principally owned by private equity firm Oak Hill Capital Partners. In a separate development, cable TV pioneer John C. Malone is interested in a deal for Time Warner Cable, according to a report in The New York Times Monday. Malone, chairman of Liberty Media, according to unnamed sources, would have Charter Communications acquire TWC. Liberty owns owns 27% of Charter. If Malone pulls off the deal, the Times report says, he would use the combined company to further consolidation in the cable industry.
The Tribune deal is expected to boost ad sales and result in more than $100 million in annual cost savings within five years,For me to be able 1210. The deal is expected to close by the end of 2013.