Tribune Media sells Chicago tower to CIM Group for $240 million

Tribune Media will receive $205 million at closing and another $35 million contingent on meeting conditions it didnt disclose.

By Rob Golum | Updated on August 30, 2016

(Bloomberg) – Tribune Media Co., one of the biggest U.S. TV station owners, agreed to sell the iconic Tribune Tower to CIM Group for $240 million, part of a plan to use its real estate holdings to raise money.

Tribune Media will receive $205 million at closing and another $35 million contingent on meeting conditions it didn’t disclose, according to a statement Tuesday from the Chicago-based company.

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