The Hartford Courant’s parent company, Tribune Co., said it has purchased the paper’s building and printing plant, real estate formerly leased from TMCT. Additionally, the company purchased properties used by the Los Angeles Times, Newsday and Baltimore Sun.
The company received an option to purchase the properties for $175 million as a result of the 2006 restructuring of TMCT. The purchase is structured as a like-kind exchange, with Tribune using the proceeds from its sale of the Tribune Studios real estate in Los Angeles, announced in January, and from the sale of additional property in Stamford and Greenwich. The transaction enables the company to eliminate $24 million in annual lease payments.
