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Tribune Media completes sale of namesake tower, 2 other properties

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Tribune Media completes sale of namesake tower, 2 other properties

Tribune MediaCo. completed the sale of its 35-story Tribune Tower, the north block ofthe Los Angeles Times Square property and the nearby Olympic printing plant, inthe week of Sept. 26.

The company said Sept. 28 that it received $430 million ingross cash proceeds and could receive contingent payments of up to anadditional $45 million, bringing total consideration to $475 million. TribuneMedia expects the three properties to generate about $330 million of net cashproceeds after paying taxes, transfer and legal fees and broker commissions.

The 740,000-square-foot Tribune Tower was sold to and Golub & Co.The companies also acquired a 36,000-square-foot development site located nearTribune Tower, according to a separate news release.

In 2016, the company divested nine properties for $519million of gross cash proceeds or about $409 million of net cash proceeds.

The company expects a reduction in rental revenues for full year2016 of $11 million and lower operating expenses of $5 million, resulting in a$7 million decrease in adjusted EBITDA.