TRIBUNE COMPANY PRESS RELEASE
June 19, 2006
Tribune To Sell WCWN-TV, Albany
CHICAGO, June 19, 2006 -- Tribune Company (NYSE:TRB) today announced
the sale of WCWN-TV (channel 45) in Albany to Freedom Communications,
Inc. for $17 million. The transaction will close upon regulatory
approval.
“This transaction, like our recently announced sale of WATL-TV in
Atlanta, supports our company’s plan to divest non-core assets as part
of the stock repurchase strategy announced last month,” said Dennis
FitzSimons, Tribune chairman and chief executive officer.
On May 30, Tribune announced it will acquire up to 75 million shares
of the company’s common stock, sell at least $500 million in assets,
and reduce operating expenses by $200 million over the next two years.
“As a new CW affiliate, WCWN will be part of an Albany duopoly under
Freedom Communications’ ownership, and will have great potential for
growth,” said John Reardon, Tribune Broadcasting president. “Diane
Howard and her staff have done an excellent job and we’re proud of
their dedication and professionalism.”
WCWN will be Freedom’s second station in the Albany market, where it
currently operates WRGB-TV, the local CBS affiliate
Tribune acquired WCWN in 1999 from WMHT Educational Telecommunications
to support the distribution of the growing WB Network. At the time,
Albany was the largest television market without a WB affiliate. Upon
acquisition, Tribune changed the call letters of the former PBS
station WMHQ to WEWB, reflecting its new affiliation with The WB. The
call letters WCWN were adopted last month in preparation for the
station’s launch as a CW Network affiliate this fall.
June 19, 2006
Tribune To Sell WCWN-TV, Albany
CHICAGO, June 19, 2006 -- Tribune Company (NYSE:TRB) today announced
the sale of WCWN-TV (channel 45) in Albany to Freedom Communications,
Inc. for $17 million. The transaction will close upon regulatory
approval.
“This transaction, like our recently announced sale of WATL-TV in
Atlanta, supports our company’s plan to divest non-core assets as part
of the stock repurchase strategy announced last month,” said Dennis
FitzSimons, Tribune chairman and chief executive officer.
On May 30, Tribune announced it will acquire up to 75 million shares
of the company’s common stock, sell at least $500 million in assets,
and reduce operating expenses by $200 million over the next two years.
“As a new CW affiliate, WCWN will be part of an Albany duopoly under
Freedom Communications’ ownership, and will have great potential for
growth,” said John Reardon, Tribune Broadcasting president. “Diane
Howard and her staff have done an excellent job and we’re proud of
their dedication and professionalism.”
WCWN will be Freedom’s second station in the Albany market, where it
currently operates WRGB-TV, the local CBS affiliate
Tribune acquired WCWN in 1999 from WMHT Educational Telecommunications
to support the distribution of the growing WB Network. At the time,
Albany was the largest television market without a WB affiliate. Upon
acquisition, Tribune changed the call letters of the former PBS
station WMHQ to WEWB, reflecting its new affiliation with The WB. The
call letters WCWN were adopted last month in preparation for the
station’s launch as a CW Network affiliate this fall.