PDA

View Full Version : Tribune dumps Boston TV station


Fenway
09-14-2006, 11:41 AM
Hmmmmm Tribune a little short on cash?

The sale of local station WLVI-TV from Tribune Company to Sunbeam Television Corp., the Miami-based company that also owns Channel 7 (WHDH-TV), is expected to be announced today, sources with knowledge of the deal said.

http://business.bostonherald.com/businessNews/view.bg?articleid=157515

tebman
09-14-2006, 12:17 PM
This is part of the Tribune's yard sale -- remember, they owe a billion (yes, Billion) dollars in back taxes on the L.A. Times purchase, and the newspaper business is not so good. The company is also buying back hundreds of millions of dollars worth of stock to prop up its price.

They also have to keep paying the lobbying firms big money to squeeze the FCC to allow them to buy TV stations in the same cities where they own newspapers. And investor groups are storming the gates demanding better management.

But hey, the Cubs aren't for sale! :rolleyes:

Fenway
09-14-2006, 02:41 PM
Wow 120 Million is cheap money for a station on this market....

disaster for the people working at WLVI

http://www.boston.com/business/ticker/2006/09/owner_of_boston_1.html

Miami media mogul Ed Ansin, who owns WHDH-TV (Channel 7) (http://www1.whdh.com/) in Boston, is expected today to announce a $120 million deal to buy WLVI-TV (Channel 56) (http://bostonscw.trb.com/), according to an official involved in the deal.
The station purchase will give NBC affiliate WHDH ownership over two local news broadcasts, which will be consolidated at WHDH's Boston headquarters, the official said.
Tribune Co., which owns Channel 56, a WB affiliate, could not be reached for comment this morning.

Channel 56 employs about 150 people, including about 50 in the news operation. But the official said Sunbeam will likely use its existing staff at WHDH to run Channel 56, including its 10 p.m. nightly news broadcast

Tribune really hurting to sell on the cheap like this

skottyj242
09-14-2006, 02:56 PM
I hate Boston.

maurice
09-14-2006, 03:04 PM
In related news, the Trib continues to take a beating (http://www.chicagotribune.com/business/chi-060914tribune-story,1,7747217.story?coll=chi-business-hed) in circulation, TV, and ad revenue. The only good news is the Cubs, who increase in profitability as they fall in the standings:
Higher ticket revenues from the Chicago Cubs baseball team helped radio/entertainment sales rise 1.2 percent [in August].
:rolleyes:

spiffie
09-14-2006, 03:34 PM
In related news, the Trib continues to take a beating (http://www.chicagotribune.com/business/chi-060914tribune-story,1,7747217.story?coll=chi-business-hed) in circulation, TV, and ad revenue. The only good news is the Cubs, who increase in profitability as they fall in the standings:

:rolleyes:
Amazing what adding 1,500 or so new seats at $50 each will do for the bottom line.

MikeLove
09-14-2006, 05:41 PM
i dont understand why people think tribune co would sell the team. If you are in debt you dont want to eliminate one of your better sources of income. Even if they sold the team (i dont know how much its worth, but i certainly wouldnt think 1billion dollars) they still have debt and their papers are taking a beating. The interest accumulated on the debt they still owe would probably end up eclipsing the money they made from selling the cubs, by the time (if) they get in the black.

I could be totally wrong though, i dont know anything about business

Fenway
09-15-2006, 03:03 PM
This stinks for the loyal Tribune workers in Boston....looks like they ALL gone

Many of WLVI’s nearly 150 full- and part-time employees will be out of a job. A day after the deal is finalized, WLVI’s doors will be shuttered and operations will be moved to WHDH-TV (Ch. 7) headquarters, Ansin said.
WHDH will broadcast a re-tooled 10 p.m. newscast on WLVI, using the Channel 7 studios. About 30 additional hires will be made at WHDH, some of which will likely come from WLVI, Ansin said.
“The sadness in the story is you got about a 150 people that are being dumped out in the marketplace that can’t absorb them,” said Jack Hynes, a senior correspondent at WLVI who’s worked for the station for 23 years.

http://business.bostonherald.com/businessNews/view.bg?articleid=157602


A lot of good people work there ( WLVI was one of the Field stations but was sold when the brothers Field went to war 20 years ago )