Tribune Co. agreed to buy all of Local TV Holdings LLC’s 19 television stations in 16 markets for $2.73 billion in cash, becoming the largest U.S. commercial TV station owner and further lessening its reliance on newspapers.

The acquisition of Local TV, principally owned Oak Hill Capital Partners, will almost double the number of Tribune’s stations to 42, with presence in cities from New York to Los Angeles and Miami to Seattle, according to a statement today.

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