Tribune Gets Antitrust Approval in Times Deal

Tribune Co., publisher of the Chicago Tribune, said it received federal antitrust approval to purchase Times Mirror Co., owner of the Los Angeles Times, for about $6 billion, or $95 per share. The combined company would be the third-largest U.S. newspaper publisher based on circulation, behind Gannett Co. and Knight Ridder Inc. The new company would own 11 daily newspapers, 22 television stations, four radio stations and a growing online business. The transaction would more than double Chicago-based Tribune Co.’s annual sales to more than $7 billion, bringing under one roof media properties that span the U.S., including Newsday, the Baltimore Sun, the Orlando Sentinel along with The Times and the Tribune. After the acquisition, Tribune would own both TV stations and newspapers in Los Angeles, New York and Hartford, Conn. The deal is expected to close in the third quarter but is still subject to a second federal antitrust waiting period, which is scheduled to expire April 26, and stockholder approval. In New York Stock Exchange trading, Tribune shares rose 13 cents to close at $37.56 and Times Mirror rose 19 cents to close at $93.56.