TRIBUNE BROADCASTING COMPLETES INVESTMENT IN WPHL-TV, INC.
TRIBUNE BROADCASTING COMPLETES INVESTMENT IN WPHL-TV, INC. CHICAGO, Monday, Dec. 23 /PRNewswire/ -- Tribune Broadcasting Company, a wholly owned subsidiary of Tribune Company (NYSE: TRB), announced today the completion of its previously announced investment in WPHL-TV, Inc., which operates an independent television station (Channel 17) in Philadelphia owned by Taft Broadcasting Partners Limited Partnership. In the transaction, Tribune Broadcasting acquired from Taft Broadcasting Partners preferred stock of WPHL-TV, Inc. and a warrant to acquire a controlling common equity interest in WPHL-TV, Inc. in the future. Exercise of the warrant is subject to certain regulatory approvals, including approval by the Federal Communications Commission. Tribune Broadcasting's independent stations reach 19 percent of U.S. households in six major markets: WPIX (Channel 11), New York; KTLA (5), Los Angeles; WGN (9), Chicago; WGNX (46), Atlanta; KWGN (2), Denver; and WGNO (26), New Orleans. Additionally, Tribune Broadcasting operates four radio stations and regional radio networks, and produces and syndicates television programming through Tribune Entertainment Company. Tribune Company also publishes seven daily newspapers, syndicates news and information, owns the Chicago Cubs baseball team and manufactures newsprint. -0- 12/23/91 /CONTACT: Joseph A. Hays of Tribune, 312-222-3237, or at home, 312-642-0040/ (TRB) CO: The Tribune Company ST: Illinois IN: PUB SU:
JT -- NY091 -- 5020 12/23/91 18:06 EST
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|Date:||Dec 23, 1991|
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