Less than three weeks after Gannett announced a $2.2 billion acquisition of Belo, the Tribune Co. this morning agreed to buy 19 stations for about $2.7 billion, making it one of the nation’s biggest owners of commercial local TV outlets amid a groundswell of consolidation in the industry.
The stations are in 16 regions, including Denver, Cleveland and St. Louis, and many of their local news broadcasts are ranked first or second in their markets, according to The New York Times. They will complement Tribune’s 23 existing stations and its WGN America cable channel. Tribune is buying the stations from Local TV Holdings, a company owned by the investment firm Oak Hill Capital Partners.
The deal ratchets up the competition with GCI, because four of the stations are in markets where GCI also owns stations: Denver; Cleveland; Greensboro, S.C., and St. Louis. In a fifth market, Des Moines, GCI owns a newspaper.
GCI's Belo deal covers 20 stations, five of which are being spun off to a new third company; GCI will provide advertising sales and other services to those five under a contract. Including all 20, GCI would nearly double its station ownership to 43. The $2.2 billion price includes assumption of $700 million in debt.
Here's Tribune's press release describing the deal. And here's a list of the stations Tribune is buying.
The stations are in 16 regions, including Denver, Cleveland and St. Louis, and many of their local news broadcasts are ranked first or second in their markets, according to The New York Times. They will complement Tribune’s 23 existing stations and its WGN America cable channel. Tribune is buying the stations from Local TV Holdings, a company owned by the investment firm Oak Hill Capital Partners.
The deal ratchets up the competition with GCI, because four of the stations are in markets where GCI also owns stations: Denver; Cleveland; Greensboro, S.C., and St. Louis. In a fifth market, Des Moines, GCI owns a newspaper.
GCI's Belo deal covers 20 stations, five of which are being spun off to a new third company; GCI will provide advertising sales and other services to those five under a contract. Including all 20, GCI would nearly double its station ownership to 43. The $2.2 billion price includes assumption of $700 million in debt.
Here's Tribune's press release describing the deal. And here's a list of the stations Tribune is buying.














