Tribune Co. said Monday that it reached a deal to buy Local TV Holdings LLC’s 19 TV stations for $2.73 billion in cash, significantly boosting its television business as it looks to sell its newspaper operations.
Tribune currently owns 23 TV stations and cable network WGN America, along with the Chicago Tribune, Los Angeles Times and other newspapers. The deal will give it 42 stations, making the Chicago-based company one of the nation’s top TV station owners. Tribune said it will be the No. 1 commercial TV station group in the country based on its broadcast reach into more than 50 million homes.
The deal reshapes the broadcast media landscape.