In one fell swoop, Tribune Broadcasting nearly doubled in size Monday, increasing the number of television stations it owns from 23 to 42.<\/p>\n
With the acquisition of Local TV, the Cincinnati-based company once headed by former Tribune Co. CEO Randy Michaels, Tribune becomes the largest television station owner in the country. The $2.725 billion deal adds 19 stations in 16 markets.<\/p>\n
\u201cThis is a transformational acquisition for Tribune \u2014 it makes us the No. 1 local TV affiliate group in America, expands the distribution platform for our high-quality video content, and extends the reach of our digital products to new audiences across the country,\" Peter Liguori, president and CEO of Tribune Co., said in a statement. \"We couldn\u2019t be more excited about Tribune\u2019s future as America\u2019s leader in creating and distributing original content and local news programming.\u201d<\/p>\n
It also means a larger national role for Larry Wert, the veteran Chicago television executive who was named president of broadcast media for Tribune Co. last February.<\/p>\n
The move comes less than three weeks after Tribune was edged out of acquiring the Belo Corp. chain of 20 television stations, which was bought by Gannett Co. in a $2.2 billion deal.<\/p>\n","protected":false},"excerpt":{"rendered":"
In one fell swoop, Tribune Broadcasting nearly doubled in size Monday, increasing the number of television stations it owns from 23 to 42. With the acquisition of Local TV, the Cincinnati-based company once headed by former Tribune Co. CEO Randy Michaels, Tribune becomes the largest television station owner in the country. The $2.725 billion deal... Continue reading