For about US$2.73 billion cash, Tribune Co would acquire 19 television stations. The company said it made a deal with Local TV Holdings LLC. Tribune would be United States' largest TV station proprietor due to the transaction.
Los Angeles Times and the Chicago Tribune's publisher planned to transform itself. By acquiring the TV stations, it would finally be able to liquidate its newspaper division.
The company was able to come out of bankruptcy protection last December. At present, it owns 23 television stations and 8 newspapers.
Oak Hill Capital Partners was the principal owner of Local TV.
As the industry strengthens, Tribune continued to seize local TV stations. It declared that it received investments from JPMorgan Chase & Co, BofA Merrill Lynch, Citigroup Inc, Deutsche Bank AG and Credit Suisse Group. The said firms gave up to US$4.1 billion. The deal was also comprised with a new US$300 million budget. Tribune said it will be used for revolving credit resource and refinancing outstanding debt.
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