Tribune Makes Real Estate Deals
Tribune Co. has sold Tribune Studios and 10.5 acres of related real estate in Los Angeles to Hudson Capital. The companies also have agreed to a five-year lease that allows Tribune-owned KTLA-TV to continue to operate at the site through 2012.
In another deal announced Thursday, Tribune has taken the option to purchase real estate it has been leasing from TMCT that houses four of its newspapers: the Los Angeles Times, Newsday, the Baltimore Sun and the Hartford Courant.
“The sale of the studios and other assets enables us to execute a tax-efficient, like-kind exchange to acquire a very strategic, long-term real estate position in downtown L.A. at an attractive price,” said Tribune Chairman-CEO Sam Zell. “Further, the TMCT option will help us eliminate rent payments in several key markets.”