FCC Announces Filing of Applications to Transfer Control of Local TV Holdings to Tribune Broadcasting

On July 15, 2013, Local TV Holdings, LLC, and its subsidiaries (“Local TV”), Tribune Broadcasting Company II, LLC (“Tribune”), and Dreamcatcher Broadcasting, LLC (“Dreamcatcher”) filed transfer of control applications to facilitate the acquisition of Local TV by Tribune.

The stations and application file numbers are listed in the Appendix to this Press Release. The Parties are seeking the Commission’s consent to implement the Securities Purchase Agreement, as Amended, between Oak Hill Capital Partners II, L.P. (“Oak Hill”), as the Seller Representative, Local TV, Tribune, and the Tribune Company. In two markets, because of the Commission’s cross-ownership Rule, the newly merged company would not be allowed to hold both the TV station licenses that are currently held by Local TV and the local daily newspapers that are currently owned by Tribune. In those markets, the parties propose to transfer the TV licenses to Dreamcatcher pursuant to an Asset Purchase Agreement between Tribune, Dreamcatcher, and Oak Hill. Tribune also proposes to enter into a combination of agreements with Dreamcatcher that will include an Option Contract and a Shared Services Agreement regarding the stations that Dreamcatcher would acquire. Finally, Tribune seeks a continuing failing station waiver in Eureka Springs, Arkansas and a continuing satellite television waiver in Ft. Collins, Colorado.