Tronc Inc. acquired all of the outstanding interests of The Virginian-Pilot Media Cos. LLC, including The Virginian-Pilot, PilotOnline.com, as well as Pilot Targeted Media from Landmark Media Enterprises LLC.
According to a May 29 news release, the company bought the assets for $34 million, subject to customary closing conditions. As part of the transaction, tronc also acquired The Virginian-Pilot's real estate portfolio, including its headquarters in downtown Norfolk, Va., its printing and distribution facilities in Virginia Beach, Va., and a number of satellite offices in Norfolk and North Carolina.
Honigman Miller Schwartz and Cohn LLP acted as legal adviser to tronc in connection with this transaction. Methuselah Advisors acted as financial adviser and Willcox & Savage PC acted as legal adviser to Landmark Media Enterprises LLC.
