Tribune Co. has completed the purchase of property that includes sites used by four of the media company's newspapers: The Hartford Courant, Los Angeles Times, Newsday and the Baltimore Sun.The newspaper properties had been leased from TMCT LLC, an entity associated with the Chandler family, the former longtime owners of Times Mirror Co., which was acquired by Tribune in 2000.
Tribune has an option to buy the TMCT properties for $175 million, and said it would use the proceeds from the sale of real estate in Los Angeles and of the former sites of The Advocate of Stamford and Greenwich Time in a "tax-efficient" transaction. The deal will eliminate $24 million in annual lease payments, the company said.
The Advocate and Greenwich Time newspapers were sold last year to Hearst Corp. for $62.4 million. The properties formerly used by the newspapers were sold last week to Summit Development LLC of Norwalk for $30 million. [Courant.com]
> Cablevision may make joint bid for Newsday
* Thanks and a hat-tip to LAO for the hed
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