Tribune Closes Local TV Acquisition to Become Largest Independent Broadcast Group in U.S.

Tribune Closes Local TV Acquisition to Become Largest Independent Broadcast Group in U.S.

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The deal cost the Chicago-based multimedia company $2.725 billion

The Tribune Company has closed its acquisition of Local TV Holdings, LLC., becoming the largest combined independent broadcast group and content creator in the country as a result, the company announced on Friday.

Tribune now owns 39 television stations across the country, and will provide certain services to support the operations of three former Local TV stations owned by Dreamcatcher Broadcasting LLC.

Also read: Tribune Buys The Company That Identifies Your iTunes Music for $170M

The combined broadcast portfolios include 14 Fox affiliates, 14 CW affiliates, 5 CBS affiliates, 3 ABC affiliates and 2 NBC affiliates. Tribune owns 14 stations in top-20 markets and the company is now the #1 Fox affiliate group and the #1 CW affiliate group in the country.

The transaction added market-leading stations in prime cities such as Denver, Cleveland, St. Louis, Kansas City, Salt Lake City and Milwaukee to the Tribune lineup.

“This is a historic day for Tribune and Local TV,” Peter Liguori, Tribune’s president and CEO, said in a statement. “Combining these two great media companies will deliver tremendous benefits for our viewers, advertisers, and most important, the communities we serve. This is a transformational acquisition for Tribune, providing us with significant scale to drive our business objectives and create substantial shareholder value.”