Becoming the latest media company with significant newspaper holdings to beef up its broadcasting operations, Tribune Company said Monday that it has agreed to buy the 19 television stations currently owned by Local TV Holdings for $2.73 billion in cash.
Monday's announcement comes mere months after Tribune emerged from Chapter 11 at the end of 2012 following a contentious four-year bankruptcy process. As The Am Law Daily has previously reported, Sidley Austin racked up millions in fees for steering Tribune through those proceedings, while Chadbourne & Parke represented the company's creditors.
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