(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.
Sale expected to close by Sept. 30
The sale is expected to close by Sept. 30. The parties didn't disclose lease terms.
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