(CN) – The Tribune Media Company has closed the sale of three of its marquee properties, including the Tribune Tower in Chicago, the north block of Los Angeles Times Square and its Olympic production facility in Orange County, California.
The company said Wednesday t received $430 million in cash in closing the deal, and could receive contingent payments of up to an additional $45 million, bringing the total value of the transaction to $475 million.
“We have made considerable progress toward achieving our goal of realizing at least $1 billion of gross proceeds from the sale of some of our most significant real estate holdings,” said Peter Liguori, Tribune Media’s President and Chief Executive Officer in a written statement.
Liguori said the real estate sales and six others completed since this year have added $576 million to Tribune Media’s coffers.
“Importantly, we estimate the value of our remaining real estate portfolio to be at least $500 million, including properties in Chicago, Southern California, Ft. Lauderdale, and Long Island,” he said.
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