The Tribune Company, the US media group eager to offload its newspaper titles, has agreed to pay $2.7bn (£1.8bn) to acquire 19 more television stations.
The deal will make Tribune the largest US commercial television station owner. Its acquisition of Local TV nearly doubles Tribune's television footprint across the States, giving it a foothold in 14 of the country's top 20 markets.
Tribune chief executive Peter Liguori described the deal as "a transformational acquisition", pointing to a future in broadcasting rather than print. Advertisers are returning to TV but continue to shun newspapers.
Despite internet competition, local stations are also lucrative because they benefit from retransmission fees paid by cable and satellite companies that carry the stations.
Tribune's deal comes within two weeks of another big newspaper publisher, Gannett, agreeing to pay $1.5bn for Belo Corp's 20 TV stations to add to the 23 it already owns.
Though Tribune derives about two-thirds of its operating revenues from its print publishing business, more than half of its operating profits come from its broadcasting business.
Tribune is reported to have held only tentative talks to sell off its newspaper assets, which include the Los Angeles Times and the Chicago Tribune.
Source:New York Times