Tribune Company buys 19 television stations in $2.7-billion deal

Tribune Company has agreed to purchase 19 television stations owned by Local TV Holdings in a $2.73-billion deal that is expected to make Tribune the largest television station group in the country.

Tribune and Local TV Holdings said have entered into a definitive agreement for Tribune to acquire all of Local TV's television stations in a cash transaction. Local TV's stations are located in 16 markets, including Denver, Salt Lake City, Cleveland and Kansas City. The deal would give Tribune 42 television stations, up from 23 stations. The company will become the largest affiliated station group for Fox Broadcasting, owned by 21st Century Fox, with 14 Fox stations. Tribune also would own 14 stations carrying programming of the CW network, a joint venture between CBS and Warner Bros. Tribune also would have five CBS affiliates, three ABC affiliates and two NBC stations. The company would own 14 stations in the nation's top 20 markets. The deal increases its footprint in political battleground states Ohio, Virginia, Colorado and Pennsylvania. Local TV, which is based in Newport (KY), was formed five years ago with the purchase of nine stations previously owned by the New York Times Co. The firm, principally owned by private equity firm Oak Hill Capital Partners, continued adding stations to its portfolio.

The boards of both Tribune and Local TV approved the transaction, which is expected to close by the end of 2013 and will be subject to Federal Communications Commission approvals and an antitrust review.