M&A Deal Summary

Tribune Media Acquires Local TV

On July 1, 2013, Tribune Media acquired media company Local TV from Geolo Capital and Oak Hill Capital for 2.7B USD

Acquisition Highlights
  • This is Tribune Media’s 2nd transaction in the Media sector.
  • This is Tribune Media’s largest (disclosed) transaction.
  • This is Tribune Media’s 5th transaction in the United States.
  • This is Tribune Media’s 1st transaction in Kentucky.

M&A Deal Summary

Date 2013-07-01
Target Local TV
Sector Media
Buyer(s) Tribune Media
Sellers(s) Geolo Capital
Oak Hill Capital
Deal Type Add-on Acquisition
Deal Value 2.7B USD
Advisor(s) Moelis & Co. (Financial)

Target

Local TV

Ft. Wright, Kentucky, United States
website
Local TV is a major new platform of broadcast TV stations created by merging nine TV stations acquired from the New York Times Broadcast Media Group with eight TV stations acquired from News Corporation in July 2008.

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Buyer(S) 1

Buyer

Tribune Media

Chicago, Illinois, United States

website


Category Company
Founded 1847
Sector Media
Employees8,000
Revenue 1.8B USD (2017)
DESCRIPTION
The Tribune Co.'s corporate headquarters on Michigan Avenue in downtown Chicago, Illinois.
The Tribune Co.'s corporate headquarters on Michigan Avenue in downtown Chicago, Illinois.

Tribune Media Co. is home to a diverse portfolio of television and digital properties driven by quality news, entertainment, and sports programming. Tribune Media is comprised of Tribune Media Broadcasting’s 42 owned or operated local television stations reaching approximately 50 million households, national entertainment cable network WGN America, whose reach is more than 77 million households, and a variety of digital applications and websites commanding 54 million monthly unique visitors online. Tribune Media also includes Chicago’s WGN-AM and the national multicast networks Antenna TV and THIS TV, and Covers Media Group, an unrivaled source of online sports betting information. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds a variety of investments, including a 31% interest in Television Food Network, G.P., which operates Food Network and Cooking Channel.


DEAL STATS #
Overall 5 of 7
Sector (Media) 2 of 3
Type (Add-on Acquisition) 3 of 4
State (Kentucky) 1 of 1
Country (United States) 5 of 7
Year (2013) 1 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-29 Newsday

Melville, New York, United States

Newsday is a daily newspapers, serving Long Island and New York City. In addition to the newspaper and Newsday.com, Newsday Media Group includes amNewYork, the fast-growing free daily in New York City with an average weekday circulation of 335,000, plus the Star Community Publishing Group of weekly shoppers and Island Publications' portfolio of lifestyle magazines.

Buy $650M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-20 Chicago Tribune

Chicago, Illinois, United States

Chicago Tribune Company a multi-platform company, publishes newspaper and a magazine.

Buy -

Seller(S) 2

SELLER

Geolo Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Geolo Capital is the private equity investment arm of The John A. Pritzker family. Geolo specializes in growth capital and buyout investments in middle market companies throughout the US. Areas of interests include hospitality, entertainment, health/wellness, and consumer products/services. Geolo Capital is based in San Francisco.


DEAL STATS #
Overall 6 of 9
Sector (Media) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Kentucky) 1 of 1
Country (United States) 6 of 9
Year (2013) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-01 Joie de Vivre

San Francisco, California, United States

Joie de Vivre manages a portfolio of creative lifestyle businesses including hotels, restaurants and spas. JdV is the second largest independent boutique hotel company in the country and California’s largest boutique hotel collection. With more than 30 properties in the state, Joie de Vivre Hotels offer a wide range of unique urban, suburban and resort boutique hotels that cater to leisure and business travelers in all market segments. Joie de Vivre was founded in 1987 and is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-06 Two Roads Hospitality

San Francisco, New York, United States

Two Roads Hospitality brings together thirty-three boutique hotels operated by Joie de Vivre Hospitality and twelve luxury Thompson Hotels. Two Roads Hospitality was founded in 2011 and is based in San Francisco, New York.

Buy -
SELLER

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


DEAL STATS #
Overall 28 of 55
Sector (Media) 1 of 1
Type (Add-on Acquisition) 12 of 23
State (Kentucky) 2 of 2
Country (United States) 23 of 46
Year (2013) 2 of 4
Size (of disclosed) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-28 Highway Technologies

Houston, Texas, United States

Highway Technologies, Inc. is a provider of traffic safety services and equipment for the road repair, construction and maintenance industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-16 Security Networks

West Palm Beach, Florida, United States

Security Networks is a provider of home security solutions in the U.S. specializing in the sale, installation, maintenance, and monitoring of electronic security alarm systems.

Sell $483M