IRVING (WBAP/KLIF) – Irving based Nexstar Media Group, Inc. is expected to buy Chicago’s Tribune Media. The offer would make Nexstar the biggest operator of local TV stations in the United States.
The reported deal comes four months after the collapse of a similar bid from Sinclair Broadcast Group.
Tribune Media owns or operates 42 local TV stations that reach 50 million households, including the national network WGN, and a stake in the TV Food Network. Both companies Board of Directors approved the deal which is expected to close in the second half of next year, if approved by regulators and shareholders.
“This will give us a much larger footprint in markets including Dallas to provide local news and services for advertisers,” Nexstar CEO Perry Sook said.
Nexstar will pay $46.50 per Tribune share. The companies value the transaction, which includes debt, at $6.4 billion.
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