The Tribune Co., Chicago, yesterday agreed to buy the Times Mirror Co. for $8 billion in cash and stock. The deal is expected to create the third-largest newspaper chain in the United States.
The merger was approved Sunday by the Times Mirror’s board of directors and is awaiting review by federal regulators. If approved the deal will create a company with a total circulation of 3.6 million in the nation’s three-largest cities, placing it behind only Gannett Research and Knight Ridder. In addition to The Chicago Tribune, the Tribune company owns 22 television stations, cable and satellite stations, as well as numerous Internet entities. The Times Mirror Co. publishes the Los Angeles Times, the Baltimore Sun and the Hartford Courant, among others.