NEW YORK ( TheStreet) -- TV station and cable network owner Tribune is set to buy Local TV Holdings' 19 TV stations for $2.73 billion in cash.

The deal will bring Tribune's total amount of TV stations to 42 from 23. It will make Tribune the largest commercial TV station owner in the country. It will also maximize the company's advertising opportunities, according to statement by Tribune. The company expects the deal to boost profits right away.

Tribune also owns eight newspapers, including the Los Angeles Times and the Chicago Tribune, but the company has reportedly held talks about selling off its newspaper unit.

The move is another instance of consolidation within the television and broadcasting industry.

Local TV is owned by private-equity firm Oak Hill Capital Partners.

The deal is expected to close by the end of the year.

Publishers Penguin and Random House have completed their planned merger and will now be known as Penguin Random House, the largest consumer book publisher in the world.

Bertelsmann, parent of Random House, will own 53% of the combined company, while Pearson ( PSO), parent of Penguin, will own 47%. Random House CEO Markus Dohle will become CEO of Penguin Random House, while Penguin CEO John Makinson will become chairman.

The new company employs more than 10,000 workers and has 250 publishing imprints.

The parent companies first announced the merger in October.

Finnish handset maker Nokia ( NOK - Get Report) is set to buy Siemens 50% stake in telecoms networks joint venture Nokia Siemens Networks for €1.7 billion ($2.2 billion).

Shares of Nokia surged on the news of the cheaper-than-expected purchase price.

Nokia will pay €1.2 billion for the stake up front, with the remainder paid as a secured loan a year after the deal's completion.

"Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity," said Nokia Chief Executive Stephen Elop in a statement.

The networks equipment unit is expected to be renamed, although its management team will continue to be based in Espoo, Finland. The deal is expected to close in the third quarter of 2013.

Nokia Siemens Networks was created in 2007. It began turning a profit in the second quarter of 2012, while Nokia's handset business has struggled.

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-- Written by Brittany Umar.

Brittany joined TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.