Tribune Closes Sale of Two Conn. Newspapers

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By: Chicago-based Tribune Company has completed the sale of 2 daily newspapers in Connecticut to Hearst for $62.4 million -- just a week after first announcing it.

The sale of The Advocate of Stamford and the Greenwich Time reduces Tribune's stable of newspapers to nine. Its holdings also include 23 TV stations and the Chicago Cubs.

The two small papers in southern Connecticut will be managed by MediaNews Group under an existing joint venture agreement with Hearst.

The transaction doesn't include real estate in Stamford and Greenwich, which Tribune said it plans to sell separately.

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