Tribune Completes Times Mirror Acquisition

Tribune Co. completed its acquisition of Times Mirror Co. after shareholders of both companies overwhelmingly approved the $6.8-billion merger. The new company is the No. 3 U.S. newspaper chain by circulation. The merger marked the end of the control of Times Mirror and its flagship paper, the Los Angeles Times, by the Chandler family. It also marked the end of Times Mirror Square, the longtime downtown address of The Times, which ceased to exist as of Monday, although the newspaper won’t be moving its location. The Chandlers had owned The Times since 1882. The Chicago-based Tribune company now owns 11 newspapers, 22 TV stations and four radio stations, generating more than $7 billion in annual revenue. At a special shareholders meeting, 76% of Tribune shares were voted in favor, with 1.5% against and 0.2% abstaining, spokeswoman Katherine Sopranos said. The rest didn’t cast ballots. Times Mirror shareholders also approved the measure at a special meeting in Los Angeles, with 85% of shares voting in favor. Less than 1% of Times Mirror shares were opposed or abstained. In New York Stock Exchange trading, Times Mirror shares fell $2.80 to close at $90.64, and Tribune fell $1.02 to close at $35.96.