On July 1, 2013, Local TV announced it was merging with Tribune Company in a $2.75 billion deal. At the time, Tribune owned "The Daily Press" in Newport News. Due to FCC regulations barring newspaper-television cross ownership within a single market (although Tribune has maintained cross-ownership waivers for its newspaper-television station combinations in four other media markets), Tribune announced it would spin off WTKR and WGNT, along with WNEP-TV in Scranton–Wilkes-Barre, Pennsylvania, to Dreamcatcher Broadcasting, an unrelated company owned by former Tribune Company executive Ed Wilson. Tribune will provide services to the stations through a shared services agreement, and will hold an option to buy back WTKR and WGNT outright in the future. Tribune later announced on July 10, 2013 that it would spin off its newspaper division (including the "Daily Press") into a separate company, the Tribune Publishing Company, in 2014, pending shareholder and regulatory approval. The sale was completed on December 27.