Tribune Company has moved to buy 19 local TV stations in 16 markets from private equity-backed Local TV Holdings for more than $2.7B in cash as it continues to move toward broadcast and away from print.

tribuneThe move gives Tribune 42 stations – 14 in the top 20 markets -- to go along with eight major market newspapers.

Oak Hill Capital owns Local TV Holdings.

Tribune, which climbed out of bankruptcy late last year and has been looking to unload print assets, called the move a "key strategic step" to boost both its scale and shareholder value. Peter Liguouri, president and CEO since January and a former Fox and Discovery TV executive, called it a "transformational acquisition" for the company, making it the top local TV affiliate group in the country.

Kekst and Company works with Oak Hill Capital.

Tribune's broadcast affiliates include the CW (14), FOX (14), CBS (5), ABC (3), NBC (2) and four independent stations. Liguori said the "path forward" for Tribune is in building multimedia capabilities and its asset portfolio to become a top content creator and distributor.

The new stations are in markets including Denver, Cleveland, St. Louis, Kansas City, Salt Lake City and Milwaukee.

Tribune competitor Gannett Company inked a deal to buy 20 stations from Belo Corp. last month.