Tribune buys 19 TV stations for $2.7B, become No. 1 station owner in US

Tribune Co. just became the country's largest independent owner of a TV station.

Just out of Chapter 11 reorganization, the Chicago company on Monday bought 19 stations from Local TV LLC for $2.7 billion in cash.

The deal puts Tribune in 14 of the top 20 markets and gives the firm a total of 42 stations.

Once the deal is complete, Tribune becomes the top affiliate owner of both Fox and CW stations.

Local TV is owned by private equity firm Oak Hill Capital Partners.

"The acquisition will lead to more meaningful conversations with affiliates about distribution, which is especially important to the future of WGN America," Tribune said in a statement, adding that it expects the deal to boost profits immediately.

UPI

The Tribune company corporate headquarters in downtown Chicago.

Translation: The deal gives Tribune more leverage to increase retransmission fees for its network affiliated stations.

Pay-TV distributors will likely be facing bigger fees for both Tribune's stations and its cable network, WGN.

Such station consolidation is one factor prompting a possible Time Warner Cable-Charter get together being floated by Liberty Media chairman John Malone. Liberty has stakes in both firms.

Gannett acquired Belo in June for $2.2 billion.

Tribune said it expects the deal to close by the end of 2013.

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