Freedom Communications Buys Albany, N.Y., TV Station from Tribune

Posted Monday, June 19, 2006 12:00 am

By: E&P Staff Tribune announced today it?s selling its TV station, WCWN-TV, in Albany, N.Y., to Freedom Communications for $17 million.

?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,? Dennis FitzSimons, chairman and CEO of Tribune, said in a statement.

Tribune said in May it planned to buyback 25% of its stock and cut $200 million from operating expenses over the next two years. The tender offer has caused a rift between Tribune management and its second largest shareholder, the Chandler Trusts. The Chandler family is calling for a breakup of the company.

The Albany stations will be Freedom Communications second TV property in the market; it currently also owns WRGB-TV, the CBS affiliate.

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Freedom Communications Buys Albany, N.Y., TV Station from Tribune

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