Tribune Co. said Friday that it has closed its transaction to acquire broadcaster Local TV, creating one of the largest broadcast groups in the country.
“This is a historic day for Tribune and Local TV,” Tribune CEO Peter Liguori (pictured) said in a statement. “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.”
The $2.7 billion acquisition was first announced in July. The Federal Communications Commission approved the deal on Dec. 20.
As a result of the transaction, Tribune now owns 39 television stations across the country. In addition, Tribune will provide certain services to support the operations of three former Local TV stations owned by Dreamcatcher Broadcasting, which is run by former Tribune Broadcasting president Ed Wilson.