By The Associated Press
Tribune to acquire 19 TV stations for $2.73 billion
CHICAGO (AP) â¿¿ Tribune Co. said Monday that it reached a deal to buy Local TV Holdings LLC's 19 TV stations for $2.73 billion in cash, significantly boosting its television business as it looks to sell its newspaper operations.
Tribune currently owns 23 TV stations and cable network WGN America, along with the Chicago Tribune, Los Angeles Times and other newspapers. The deal will give it 42 stations, making the Chicago-based company one of the nation's top TV station owners. Tribune said it will be the No. 1 commercial TV station group in the country based on its broadcast reach into more than 50 million homes.
The deal reshapes the broadcast media landscape and follows two recent broadcast acquisition deals by companies whose roots are in newspapers. These companies are trying to acquire additional television stations at a time when the newspaper industry is faltering.
US stocks advance as stimulus concerns fade
NEW YORK (AP) â¿¿ Investors have stopped worrying about the Federal Reserve. At least for now.
Stocks rose on Wall Street Monday as investors judged that the economy still isn't growing fast enough for the central bank to cut back on its stimulus program.
U.S. manufacturing grew modestly in June after a pickup in new orders and stronger production, according to a private survey. The Institute for Supply Management said its factory index increased to 50.9 in June from 49 in the previous month.
A big Medicaid gap looms in Obama health care law
WASHINGTON (AP) â¿¿ Nearly 2 in 3 uninsured low-income people who would qualify for subsidized coverage under President Barack Obama's health care law may be out of luck next year because their states have not expanded Medicaid.
An Associated Press analysis of figures from the Urban Institute finds a big coverage gap developing, with 9.7 million out of 15 million potentially eligible adults living in states that are refusing the expansion or are still undecided with time running short.