Tribune Media Closes On Sales Of Chicago's Tribune Tower, L.A. Times Square
September 28, 2016 at 5:42 AM (PT)
TRIBUNE MEDIA has closed on the sale of CHICAGO's TRIBUNE TOWER and two LOS ANGELES properties, LOS ANGELES TIMES SQUARE (North Block) and OLYMPIC PLANT. The deals brought the broadcasting company $430 million in gross cash proceeds and may also generate contingent payments of up to an additional $45 million; net proceeds are expected to be around $330 million. The CHICAGO building was sold to CIM GROUP ACQUISITIONS, LLC; the LOS ANGELES properties were sold to OMNI GROUP of VANCOUVER.
"We have made considerable progress toward achieving our goal of realizing at least $1 billion of gross proceeds from the sale of some of our most significant real estate holdings," said TRIBUNE MEDIA President/CEO PETER LIGUORI. "Real estate sales closed from 2014 through today's announcement have generated $576 million of gross cash proceeds. Importantly, we estimate the value of our remaining real estate portfolio to be at least $500 million, including properties in CHICAGO, SOUTHERN CALIFORNIA, FT. LAUDERDALE, and LONG ISLAND."
TRIBUNE TOWER houses TRIBUNE MEDIA's only remaining radio property, News-Talk WGN-A/CHICAGO. TRIBUNE MEDIA spun off its newspaper properties in 2014 and retained the papers' real estate holdings along with broadcast media, with the intent to sell off the real estate,