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Tribune, Times Mirror Close Merger

Tribune, Times Mirror Close Merger

Tribune Company (NYSE:TRB) has completed its merger with The Times Mirror Company. The multimedia deal includes operations in broadcasting, publishing and interactive in 18 of the top 30 markets.
The merger is valued at $8 billion in cash and stock. Each share of Times Mirror common stock not owned by Tribune, and for which a cash election was not made, will be converted into 2.5 shares of Tribune common stock.
John Madigan, Tribune chairman, president and CEO, stated, “The integration of our two companies began in mid-April. With more than 30,000 talented employees and $6 billion in revenues, we are extremely well-position to grow our media businesses and create value for our shareholders.”
Sharon Rae Pettigrew