Tribune Revenues Down In Q1, Company Buys Local TV, LLC Stations
July 1, 2013 at 4:28 AM (PT)
TRIBUNE COMPANY has reported first quarter revenues of $705,031,000, down from last year's $729,415,000. Net income also declined from $99.1 to $58.4 million.
The company, which owns Talk WGN-A/CHICAGO, has also announced that it is formally buying the 19 LOCAL TV HOLDINGS, LLC television stations in 16 markets for $2.725 billion in cash. LOCAL TV is owned by OAK HILL CAPITAL PARTNERS; initially run by RANDY MICHAELS as CEO until he was named and was formed by RANDY MICHAELS, who was succeeded as CEO by BOBBY LAWRENCE in 2007 when he took the reins at TRIBUNE, LOCAL TV's stations have been managed and operated by TRIBUNE since DECEMBER 2007.
“Since joining TRIBUNE in early 2013, we have been setting the strategic foundation to transform TRIBUNE and help chart the path forward -- building our multimedia capabilities and asset portfolio to become the country’s leading independent content creator and distributor,” said TRIBUNE President/CEO PETER LIGUORI. “This is a transformational acquisition for TRIBUNE -- it makes us the #1 local TV affiliate group in AMERICA, expands the distribution platform for our high-quality video content, and extends the reach of our digital products to new audiences across the country. We couldn’t be more excited about TRIBUNE’s future as AMERICA’s leader in creating and distributing original content and local news programming.”
LAWRENCE added, “LOCAL TV and TRIBUNE have had a long, successful relationship over the last five years. Our cultures and operating philosophies are very similar, and we share a strong commitment to news and local programming excellence. My management team will dearly miss working with some of the most talented and dedicated people in broadcasting, but we know we leave our employees in good hands. I am grateful to our partners at OAK HILL CAPITAL, who acquired the finest stations in the industry and helped us build this great company.”