The acquisition, which includes broadcasters in markets such as New York, Los Angeles, Miami, Cleveland, Denver and Seattle, will leave Tribune with 42 stations nationwide.
The company also owns eight newspapers, including the Chicago Tribune and the Los Angeles Times.
It was only last December that Tribune Co completed a four-year-long restructuring under bankruptcy protection.
The Local TV deal is expected to generate more than $100 million within five years, Tribune executives said on Monday.
Even as Tribune Co vastly expands its portfolio of television stations, the company is said to be preparing for the sale for some or all of its newspapers.
Potential buyers for the dailies include billionaire brothers Charles and David Koch, who have not hesitated to put their money behind conservative causes and politicians.