Tribune Earns Regulatory Approvals from Federal Communications Commission Paves Way for Acquisition of Local TV Holdings to Close
CHICAGO, Dec. 20, 2013 /PRNewswire/ -- The Federal Communications Commission today approved Tribune Company's application to assume control of broadcast licenses held by subsidiaries of Local TV Holdings, LLC, paving the way for Tribune to acquire 16 of Local TV's television stations in 14 markets across the country. The transaction creates the largest combined independent broadcast group and content creator in the country (see accompanying map).
"On behalf of thousands of Tribune and Local TV employees across the country, I want to thank the Commission for reaching this decision; we are extremely pleased to move forward with the transaction," said Peter Liguori, Tribune's President and Chief Executive Officer. "The logic and investment thesis underlining our acquisition of Local TV is as powerful as it is simple—in a fragmenting media landscape, there is value in scale, for our viewers, advertisers, networks, cable and satellite partners and, most important, the communities we serve. We are very excited to bring the employees of these two great companies together."
The Commission also has approved the transfer of broadcast licenses for three Local TV stations in Wilkes-Barre, PA, and Norfolk, VA, to Dreamcatcher Broadcasting LLC.
TRIBUNE is one of the country's leading multimedia companies, operating businesses in broadcasting, publishing, and interactive. The company's broadcasting group owns or operates 23 television stations, WGN America on national cable, the national multicast networks Antenna TV and THIS TV, Tribune Studios and Chicago's WGN-AM. In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience.