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Tribune Co. completes $2.73B deal for Local TV

Tribune Co. has completed its $2.73 billion purchase of Local TV Holdings LCC, the Wall Street Journal reports.

The deal makes Tribune Co. one of the country’s largest TV station owner with 39 stations. Prior to the deal, Tribune owned 23 TV stations and cable network WGN America, along with the Chicago Tribune and other newspapers.

When it announced the deal this summer, Tribune said it expected the deal to boost profits immediately. The company said the increased scale will help it maximize advertising sales. It also expects the deal to result in more than $100 million in annual cost savings within five years.

Local TV was owned by private equity firm Oak Hill Capital Partners.

h/t: chicagobusiness.com