Tribune Property Sale

TRIBUNE PROPERTY SALE
[SOURCE: Los Angeles Times, AUTHOR: Roger Vincent]
The original Warner Bros. studio in Hollywood, now home to KTLA-TV Channel 5 and other Tribune Co. entertainment companies, was sold for $125 million Wednesday to a Los Angeles real estate investment firm. Hudson Capital, which owns Sunset Gower Studios a few blocks away, completed the expected purchase from Tribune, Hudson managing partner Victor Coleman said. Chicago-based Tribune owns KTLA, the Los Angeles Times and other media outlets. It was the first major sale of Tribune property since Chicago real estate mogul Sam Zell took over the company last month. Tribune said it would use the money from Wednesday's sale, plus an additional $50 million from other sales, to buy six other properties, including the downtown Los Angeles headquarters of The Times, for a total of $175 million. The properties are now owned by a trust held by members of the Chandler family, which once owned The Times. They also include buildings that are home to the Baltimore Sun, the Hartford Courant and Newsday. The properties have been leased to Tribune since it bought Times Mirror Co. in 2000.
http://www.latimes.com/business/printedition/la-fi-ktla31jan31,1,5769774...
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