by Lance Turner
Posted 1/2/2014 11:23 am
Updated 3 months ago
Tribune Co. of Chicago closed on its acqusition of several television stations formerly owned by Local TV Holdings LLC, including CBS affiliate KFSM-TV, Channel 5, in northwest Arkansas.
KFSM announced Tribune's $2.7 billion deal in July. KFSM and its sister station, KXNW, were among 19 TV stations in 16 markets Tribune acquired.
"This is a historic day for Tribune and Local TV," Peter Liguori, Tribune’s president and CEO, said in a news release on Dec. 27. "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."
Tribune now owns 39 TV stations across the country. Through shared services arrangements, it also controls three other Local TV stations owned by Dreamcatcher Broadcasting LLC.
Tribune also owns several newspapers, including the Chicago Tribune, Los Angeles Times and the Baltimore Sun.