Tribune and BR Holding Company have sold BestReviews to Nexstar for $160 million in cash. BestReviews was owned 60% by Tribune and 40% by its founders, BR Holding Company. The sale was announced in mid-December.
“We are pleased that through our majority ownership of BestReviews we have created substantial value for the BestReviews business and Tribune Publishing shareholders. While Tribune Publishing will not have an ongoing ownership interest, we look forward to a continuing commercial relationship with BestReviews as a partner in content and commerce,” said Terry Jimenez, CEO of Tribune Publishing Company.
Under the terms of the transaction, Tribune receives 60% of the $160 million cash selling price net of transaction fees, subject to a customary working capital adjustment.