Tribune buying 19 TV stations including KDVR Fox31 Denver

[Colorado Media Newsroom]

From All Access:

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TRIBUNE COMPANY has reported first quarter revenues of $705,031,000, down from last year's $729,415,000. Net income also declined from $99.1 to $58.4 million.
The company, which owns Talk WGN-A/CHICAGO, has also announced that it is formally buying the 19 LOCAL TV HOLDINGS, LLC television stations in 16 markets for $2.725 billion in cash. LOCAL TV is owned by OAK HILL CAPITAL PARTNERS; initially run by RANDY MICHAELS as CEO until he was named and was formed by RANDY MICHAELS, who was succeeded as CEO by BOBBY LAWRENCE in 2007 when he took the reins at TRIBUNE, LOCAL TV's stations have been managed and operated by TRIBUNE since DECEMBER 2007.

“Since joining TRIBUNE in early 2013, we have been setting the strategic foundation to transform TRIBUNE and help chart the path forward -- building our multimedia capabilities and asset portfolio to become the country’s leading independent content creator and distributor,” said TRIBUNE President/CEO PETER LIGUORI. “This is a transformational acquisition for TRIBUNE -- it makes us the #1 local TV affiliate group in AMERICA, expands the distribution platform for our high-quality video content, and extends the reach of our digital products to new audiences across the country. We couldn’t be more excited about TRIBUNE’s future as AMERICA’s leader in creating and distributing original content and local news programming.”

LAWRENCE added, “LOCAL TV and TRIBUNE have had a long, successful relationship over the last five years. Our cultures and operating philosophies are very similar, and we share a strong commitment to news and local programming excellence. My management team will dearly miss working with some of the most talented and dedicated people in broadcasting, but we know we leave our employees in good hands. I am grateful to our partners at OAK HILL CAPITAL, who acquired the finest stations in the industry and helped us build this great company.”


more (http://www.allaccess.com/net-news/archive/story/119882/tribune-revenues-down-in-q1-company-buys-local-tv-?ref=rss)

[Colorado Media Newsroom]

From The Denver Post:

http://blogs.denverpost.com/ostrow/files/2013/07/fox-31-denver-270x179.jpg
KDVR Fox 31 is one of 19 TV stations being acquired by Tribune Company. (Denver Post file)

Tribune Co. is purchasing 19 TV stations owned by Local TV, including Fox31 in Denver, for $2.7 billion, the companies announced Monday. The deal makes Tribune the largest TV station owner in the country.

In Denver, the consolidation is expected to bring KWGN and KDVR, which already share a building and resources, into full alignment. The two local stations are the prime example of how closely Tribune and Local TV have worked in recent years.

Denver “remains one of our duopoly markets and enjoys all of the advantages it did previously—newsgathering, selling advertising, content sharing,” according to Tribune spokesman Gary Weitman.

With the acquisition of Fox31 and six other Fox affiliates as part of the deal, Tribune becomes the biggest Fox affiliate group in the U.S.
Tribune Co. owns 23 television stations including WGN-Ch. 9 in Chicago, KTLA in Los Angeles and WPIX in New York. The Chicago-based media company also owns national cable channel WGN America, WGN Radio and eight daily newspapers including the Chicago Tribune, which reported the story here (http://www.chicagotribune.com/business/breaking/chi-tribune-buying-local-tv-20130701,0,3402241.story) and Los Angeles Times.


More... (http://blogs.denverpost.com/ostrow/2013/07/01/kdvr-fox31-denver-tribune-company-purchase/15134/)

[Rob]

From: http://kwgn.com/2013/12/27/tribune-says-takeover-of-channel-2-sister-statio-fox31-owner-now-complete/?utm_source=twitterfeed&utm_medium=twitter


Tribune says takeover of Channel 2 sister station FOX31 owner now complete

Tribune Company announced Friday that it has completed the final steps necessary to close its acquisition of Local TV Holdings, LLC — the owner of Channel 2 sister station FOX31 Denver.

The transaction creates the largest combined independent broadcast group and content creator in the country.
In July Tribune offered to buy Local TV LLC for $2.7 billion. The Federal Communications Commission approved the sale of Local TV to Tribune on Dec. 20.

Tribune currently owns KWGN-TV Colorado’s Own Channel 2.

“This is a historic day for Tribune and Local TV,” said Peter Liguori, Tribune’s President and Chief Executive Officer. “Combining these two great media companies will deliver tremendous benefits for our viewers, advertisers, and most important, the communities we serve. This is a transformational acquisition for Tribune, providing us with significant scale to drive our business objectives and create substantial shareholder value.”

As a result of this acquisition, Tribune now owns 39 television stations across the country. In addition, Tribune will provide certain services to support the operations of three former Local TV stations owned by Dreamcatcher Broadcasting LLC.

The combined broadcast portfolios include 14 FOX affiliates, 14 CW affiliates, 5 CBS affiliates, 3 ABC affiliates and 2 NBC affiliates. Tribune owns 14 stations in top-20 markets and the company is now the #1 FOX affiliate group and the #1 CW affiliate group in the country.

The transaction added market-leading stations in prime cities such as Denver, Cleveland, St. Louis, Kansas City, Salt Lake City and Milwaukee to the Tribune line-up.

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[radiodude]

Good, i was wondering for this long, on when Tribune would take over FOx 31. Now it well be easier on everyone's pay checks to. This would also mean more opportunities for the anchors there to go to other markets, if they choose to do so.