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News summary: Tribune buys TV stations for $2.73B

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The Associated Press | July 1, 2013 09:11 PM EST | AP


GOING LOCAL: Tribune Co. said it would buy Local TV and its 19 TV stations for $2.73 billion. The acquisition makes Tribune the nation's No. 1 local TV broadcaster and broadens its reach to nearly half the country, or more than 50 million households.

CONSOLIDATION WAVE: The deal is the latest in a wave of consolidation sweeping the industry as TV station owners gird for battle in contentious fee negotiations with cable and satellite TV companies _fights that have caused programming blackouts.

GIANT AWAKES: The deal comes six months after Tribune emerged from a four-year excursion through bankruptcy court. It filed for bankruptcy protection in 2008 following a debt-laden buyout orchestrated by Chicago real estate mogul Sam Zell a year earlier.