Tribune Company, publisher of the Chicago Tribune and Los Angeles Times newspapers, sold WLVI-TV in Boston to Sunbean Television Corp. for $113.7 million.
Tribune acquired WLVI-TV in 1994 from Gannett Co. Inc. for $25 million. The sale is final upon approval by the Tribune’s board of directors.
The move is part of the Tribune’s performance improvement plan and includes at least $500 million in asset sales. Approximately $420 million have been identified thus far.
Tribune on Aug. 7 sold WATL-TV in Atlanta for $180 million in cash. In July, they sold 2.8 million shares of Time Warner common stock for net proceeds of $46 million.