Goldman Sachs will pay $1 billion for the biggest antitrust case in the history of American antitrust law, the Wall Street Journal reported on Wednesday.
The agreement to buy the Tribune Company’s Tribune Publishing, which includes The Wall Street Review, comes amid a global shakeup of media empires, including those of Fox News and CNN.
The deal will include Tribune Publishing’s assets in New York, Chicago and Los Angeles.
The transaction includes Tribune Publishing publishing assets in Los Angeles, Chicago, New York and London.
The Tribune Company said it will pay the $1.6 billion purchase price.
Tribune Publishing will be divided among three holding companies and will hold a 35 percent stake in the company.
Goldman Sachs said it expects to retain approximately 1,000 employees at Tribune Publishing and its Chicago office.
The Wall Journal reported that the deal will be subject to the approval of the U.S. Securities and Exchange Commission and antitrust regulators in each city where it is planned to be built.
The Journal reported the deal was completed in late January and was expected to close by the end of 2019.
In December, Reuters reported that Goldman Sachs had agreed to buy Tribune Publishing for $1 in cash, in a deal that would give the firm control of more than a dozen local newspapers.