Texas-based Nexstar Media Group has set a $4.1 billion deal to acquire Tribune Media.
Reuters first reported the deal, which is expected to be unveiled Monday morning. Tribune declined to comment. A rep for Nexstar could not immediately be reached for comment on Sunday.
The deal to acquire Tribune’s 42 stations and WGN America canker will make Nexstar the nation’s largest owner of TV stations by volume with more than 200 outlets. The deal comes five months after Tribune’s previous $3.9 billion merger with Sinclair Broadcast Group imploded amid regulatory concerns.
Nexstar undoubtedly will have to divest numerous stations to comply with the FCC’s media ownership rules. Fox is expected to seek to buy numerous Tribune-owned Fox affiliates. Fox had a deal with Sinclair to acquire seven stations for $900 million but that was scrapped after Tribune and Sinclair called the acquisition off in August.
More to come…
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