Tribune to buy US$175 million in real estate
By Leah McBride Mensching, Friday 1 February 2008 at 21:47 :: General :: #1191 :: rss
The Tribune Co. announced Thursday it will buy US$175 in real estate it currently leases from a partnership controlled by the Chandler family of California, the Chicago Tribune reported.
The properties include real estate used by Newsday, the Los Angeles Times, Hartford Courant and Baltimore Sun.
Also Thursday, the media company confirmed it has sold a studio and related real estate in Los Angeles to hedge fund Hudson Capital LLC for $125 million, and will use the proceeds as part of a “like-kind exchange” in association with its planned purchase of the other properties, the Tribune reported.
Tribune bought the Times-Mirror Corp., owned by the Chandler family, in 2000. Newsday, the Times, Courant and Sun were part of Times-Mirror, and until now Tribune has been leasing the properties associated with those publications.
Buying the properties will help Tribune “eliminate rent payments in several key markets,” Sam Zell said in a release.
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