Now the largest station operator in the country, the multimedia stalwart, Tribune Co. (Chicago Tribune, LA Times, Baltimore Sun, WGN, etc.) has acquired Local TV LLC for $2.725 billion. This adds Local TV’s 19 television stations from Salt Lake City, UT to Scranton, PA to the Tribune’s 23 TV station roster from New York City to LA, according to a release.
Doejo has been working with the local news-focused broadcast management company, redesigning its broadcast station sites and equipping it with an easy-to-update WordPress.com VIP platform.
From the official release:
Tribune’s acquisition of Local TV is a key strategic step, providing Tribune with significant scale to drive its principal business objectives and create substantial shareholder value. The scale provided by the Local TV acquisition will enable Tribune to maximize national and local advertising opportunities and take advantage of a larger footprint, across which it will distribute its video and digital content, especially that created by the recently launched Tribune Studios and Tribune Digital Ventures, as well as its best-in-class journalism.
From the Chicago Tribune:
Calling it a “transformational acquisition,” Tribune Co. CEO Peter Liguori said in an investor conference call Monday that the increased scale of the TV group will benefit everything from content development to distribution, creating $100 million in annual synergies within five years of closing.
We believe this transaction is a perfect complement to our existing assets — superstation WGN America, our new Tribune Studios, Tribune Digital Ventures, our eight major newspapers, and our valuable portfolio of equity investments and real estate holdings,” Liguori said. “In short, this deal will help Tribune achieve our goals of delivering great content, expanding our reach and developing new products.