TV Deal: Trib Buys 19 Stations

The Tribune Co said it would acquire 19 television stations from Local TV Holdings LLC for $2.73 billion in cash, a deal that would make it the largest TV station owner in the United States.

The deal is another step for Tribune, the publisher of the Los Angeles Times and the Chicago Tribune, to transform itself largely to a broadcast company as it seeks to sell off its newspaper division.

Tribune currently has 23 television stations and eight newspapers and emerged from bankruptcy protection in December.

Local TV is principally owned by Oak Hill Capital Partners.

Tribune is the latest company to snap up local TV stations as the industry consolidates. Last month, Gannett Co., the largest U.S.newspaper chain, bought Belo Corp and its 20 local TV stations for $1.5 billion.