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Tribune Completes Acquisition of KPLR-TV
(WB11), St. Louis and KWBP-TV (WB32), Portland
CHICAGO,
March 21, 2003 -- Tribune Company
(NYSE:TRB) has completed its previously announced acquisition
of KPLR-TV (WB11), St. Louis, and KWBP-TV (WB32), Portland,
Ore., from ACME Communications (NASDAQ:ACME) for $275 million.
Tribune acquired the stock of KPLR-TV for cash. The Portland
transaction was 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 Federal Communications Commission approved the transaction
earlier this week.
"KPLR and KWBP are great additions to
the Tribune station group, and these acquisitions are consistent
with our strategy of expanding our national reach into the
nation’s top-30 markets," said Patrick Mullen,
Tribune Television president. "KPLR is one of the highest
rated WB affiliates in the country, and KWBP brings us into
a new market with a chance to capitalize on the operational
efficiencies and programming advantages that come from being
part of a large station group."
St. Louis is the nation’s 22nd largest
television market; Portland is the nation’s 23rd.
Tribune now owns and operates 26 stations, 19 of which are
WB affiliates, making it the largest affiliate group of the
WB Network. KPLR and KWBP will increase Tribune’s coverage
of U.S. television households to 40 percent (nearly 30 percent
by Federal Communications Commission standards). Tribune owns
and operates stations in 18 of the top 30 markets.
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Tribune Broadcasting
owns and operates 26 television stations concentrated in major
markets and Superstation WGN on national cable. The group’s
combined reach is more than 80 percent of U.S. television
households. Investment interests include The WB Television
Network (22%) and TV Food Network (31%). Los Angeles-based
Tribune Entertainment develops and distributes first-run television
programming for the Tribune station group and for national
syndication. Tribune Broadcasting also owns and operates Chicago’s
WGN-AM and the Chicago Cubs baseball team.
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. In
publishing, Tribune operates 12 market-leading daily newspapers
such as the Los Angeles Times, Chicago Tribune and Newsday
plus a wide range of targeted publications including Spanish-language
newspapers. In broadcasting, Tribune properties include 24
television stations and Superstation WGN on national cable.
The acquisition of two additional stations, KPLR-TV, St. Louis,
and KWBP-TV, Portland, Ore., will be completed in early 2003,
pending regulatory approvals. These publishing and broadcasting
interests are complemented by high-traffic news and information
Web sites in 18 of the nation’s top 30 markets.
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