TRIBUNE SELLS WLVI BOSTON TO SUNBEAM
Tribune Co. announced the sale of WLVI Boston to Sunbeam Television Corp. Thursday for $113.7 million.Sunbeam's purchase of the CW affiliate gives it a duopoly in Boston. It also owns WHDH, the NBC affiliate there. Its only other station is the the Fox affiliate in Miami, WSVN.
The Boston sale "reflects our continued focus on surfacing value for Tribune shareholders," said Dennis FitzSimons, Tribune chairman and chief executive officer.
The sale of WLVI is part of Tribune's performance improvement plan announced May 30. The plan includes at least $500 million in asset sales and approximately$420 million have been identified so far. On Aug. 7, Tribune completed the sale of WATL Atlanta for $180 million in cash. In July, Tribune sold 2.8 million shares of Time Warner common stock for net proceeds of approximately $46 million. In June, the company announced the sale of WCWN Albany, N.Y., for $17 million. Bids are now being reviewed for the San Fernando property where a Los Angeles Times printing facility was closed earlier this year.
Tribune acquired WLVI in 1994 from Gannett Co., Inc., for
approximately $25 million.