The local CBS affiliate is among the 19 nationwide television stations with new owners.
Chicago-based Tribune Company–owners of the WGN America network, Chicago Tribune, Los Angeles Times, among other holdings– will add the 19 stations across 16 regions to its current crop of 23 television stations. Should the deal go through, Tribune Company will become “the #1 local TV affiliate group in America,” said Peter Liguori, Tribune’s president and CEO, with 42 local stations. The company will also become the leading holder of Fox and CW affiliates.
The boards of both Tribune Company and Local TV have approved the transaction. Both companies hope the merger will be completed by the end of 2013 following antitrust and FCC approval.
This is the second major media shake up involving a Richmond outlet in recent years. In May 2012, Warren Buffett’s Berkshire Hathaway bought 63 print assets from local Media General, including the Richmond Times-Dispatch, for $142 million. Last October, Media General sold its remaining print newspaper, The Tampa Tribune, for $9.5 million.
- Tribune to Buy 19 TV Stations for $2.7 Billion; The New York Times
- Tribune To Acquire Local TV, Creating Content and Distribution Powerhouse; Press release
- ‘Richmond Times-Dispatch’ sold to Warren Buffett’s Berkshire Hathaway; RVANews
- Media General no longer in the newspaper business; RVANews
photo by Jeremy Keith