Tribune Media sells Baltimore property for $46.5 million

Tribune Media Co. said Monday it has sold some property in Baltimore, Maryland, for $46.5 million.

The 60-acre property including the printing facility for the Baltimore Sun newspaper, which has a long-term lease for the plant, Chicago-based Tribune Media said. About 37 acres of the site is undeveloped. The company expects to receive about $30 million from the sale after taxes and costs.

“We continue to take a disciplined but opportunistic approach to creating value with our significant portfolio of real estate assets,” Peter Liguori, Tribune Media’s president and chief executive officer, said in a news release. “This sale underscores our strategy to manage, maximize, and monetize our real estate assets and creates value for our shareholders.”

Tribune Media, which owns TV and radio stations, was created in August when the broadcast and newspaper operations of Tribune Co. were split into separate, publicly traded companies. Tribune Media also kept the company’s real estate holdings.

Tribune Publishing operates newspapers including the Baltimore Sun and Chicago Tribune.