Tribune Co., the No. 2 newspaper publisher and owner of 23 major-market
television stations, agreed to sell three radio stations to Entercom
Communications Corp. for $180 million, the companies said Wednesday, Reuters
reports.
Tribune said it will seek to identify 'suitable television assets' to buy in
an exchange transaction.
Further details were not immediately available.
Under the agreement, Entercom will manage the stations -- all in Denver --
for as long as three years, after which it will have the right to buy the
stations, the companies said.
Entercom, based in Bala Cynwyd, Pa., said it will own 100 radio stations in
19 markets upon completion of the deal.
Tribune said it agreed to sell the stations because of rapid consolidation of
the Denver radio market and in order to 'expand our television group in the
future.'
