Tribune to Acquire KPLR-TV (WB11),
St. Louis, and KWBP-TV (WB32), Portland
Expands Television
Holdings in Top 30 Markets
Strengthens Tribune
as the WB Network’s Largest Affiliate Group
CHICAGO, December 30, 2002 --
Tribune Company (NYSE:TRB) announced today
that it has agreed to acquire KPLR-TV (WB11), St. Louis, and
KWBP-TV (WB32), Portland, Ore., from ACME Communications (NASDAQ:ACME)
for $275 million. The stations will expand Tribune’s
television holdings into two additional top 30 markets and
strengthen Tribune’s position as the largest affiliate
group of the WB Network. St. Louis is the nation’s 22nd
largest television market; Portland is the nation’s
23rd.
Upon completion of the acquisitions, Tribune
will own and operate 26 stations, 19 of which are WB affiliates.
KPLR and KWBP will increase Tribune’s coverage of U.S.
television households to 40 percent and nearly 30 percent
by Federal Communications Commission standards. (Current FCC
standards allow for up to 35 percent coverage of U.S. television
households.) Tribune will own and operate stations in 18 of
the top 30 markets.
"As large market WB affiliates, these
two stations will fit extremely well into our television group,"
said Dennis FitzSimons, Tribune Company president and chief
operating officer. "This is consistent with our strategy
objective of extending Tribune’s reach to serve local
viewers and advertisers in top 30 markets."
" KPLR is one of the highest rated WB affiliates in the
country," added Pat Mullen, Tribune Television president.
"Portland is a great new market for us and we are looking
forward to growing KWBP through operational and programming
advantages that extend from being part of a larger station
group."
Tribune will acquire the stock of KPLR
for cash. The Portland transaction will be structured as a
tax deferred asset exchange partially funded with the remaining
$55 million in proceeds from the sale of Tribune’s Denver
Radio stations and cash. The transactions are expected to
close late in the first quarter of 2003, pending regulatory
approvals.
:: :: ::
TRIBUNE (NYSE:
TRB) is one of the country’s premier media companies,
operating businesses in broadcasting, publishing and on the
Internet. It reaches more than 80 percent of U.S. households,
and is the only media company with television stations, newspapers
and Web sites in the nation’s top three markets. Upon
the completion of the purchase of KPLR-TV (WB11), in St. Louis
and KWBP-TV (WB32), in Portland, Tribune media outlets will
include 26 television stations and national Superstation WGN;
12 market-leading daily newspapers such as the Los Angeles
Times, Chicago Tribune and Newsday; and news and information
Web sites in 18 of the nation’s top 30 markets.
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