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Tribune Co. Closes $2.73 Billion Acquisition Of Local TV

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CHICAGO, IL - MARCH 13: A detail view of the Tribune Tower on March 13, 2013 in Chicago, IL. (Photo by Timothy Hiatt/Getty Images) | Getty

CHICAGO (AP) — The Tribune Co. said Friday that it has completed its $2.73 billion acquisition of Local TV Holdings LLC.

The company says the deal creates the largest combined independent broadcast group and content creator in the country. The transaction includes the purchase of 16 television stations and an agreement to support three former Local TV stations owned by Dreamcatcher Broadcasting LLC.

Tribune, based in Chicago, now owns or operates 42 television stations as well as newspapers such as the Los Angeles Times and Chicago Tribune.

The company plans to spin off its publishing business in 2014 to focus on its broadcast business.

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