In a deal aimed in part at streamlining one media company, the Nielsen Co. will acquire the TV listings and data business Gracenote for $560 million, according to The Hollywood Reporter. The sale is part of a streamlining effort for current Gracenote owner Tribune Media Co.
“Tribune Media Co. said Tuesday that it has agreed to sell substantially all of its digital and data business operations, comprised of Gracenote video, music and sports, to the Nielsen Co. for $560 million in cash, subject to customary purchase price adjustments,” THR reports.
“Tribune Media will retain its ownership of the business-to-consumer web sites Covers.com and ProSportsDaily.com,” THR adds. “Tribune Media expects to receive approximately $500 million in after-tax proceeds from the transaction, the majority of which it will use to repay debt, with the remainder to be reinvested in the business. The sale is expected to close during the first quarter.”