Tribune Co. said Friday that it has closed its transaction to acquire broadcaster Local TV, creating one of the largest broadcast groups in the country.
“This is a historic day for Tribune and Local TV,” Tribune CEO Peter Liguori 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.”
The $2.7 billion acquisition was first announced in July. The Federal Communications Commission approved the deal on Dec. 20.
As a result of the transaction, Tribune now owns 39 television stations across the country. In addition, Tribune will provide certain services to support the operations of three former Local TV stations owned by Dreamcatcher Broadcasting LLC.
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 No. 1 Fox affiliate group and the No. 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 line-up.