Sinclair Broadcast Group to Buy Tribune Media for $4 Billion (Report)

Thom Geier
Sinclair Broadcast Group to Buy Tribune Media for $4 Billion (Report)

Sinclair Broadcast Group is close to a ideal to acquire the American TV station operator Tribune Media Co., Reuters reported on Sunday.

Chicago-based Tribune Media operates 42 TV stations and WGN radio, and reaches more than 43 percent of the nation including major markets like New York, Chicago and Miami. Sinclair currently operates 171 TV stations in 81 markets, mostly in the South and Midwest.

According to Reuters, Sinclair offered $45 per share for the company, or roughly $4 billion. Tribune Media’s publicly traded shares closed at $40.29 on Friday.

Also Read: Tribune Media Authorizes $500 Million Special Dividend

The deal would be the first major acquisition of a TV broadcasting group announced since the Federal Communications Commission voted last month to overturn a 2016 decision limiting the number of television stations some broadcasters can own.

According to Bloomberg, Sinclair beat out Fox News owner 21st Century Fox and the New York investment firm Blackstone for Tribune Media, as well an expected bid from Nextar.

A rep for Sinclair did not immediately respond to TheWrap’s request for comment.

Related stories from TheWrap:

FCC Can't Fine CBS for Stephen Colbert's Sex Joke About Trump and Putin, Experts Say

FCC Chair Responds to Stephen Colbert Joke: 'It's a Free Country' (Video)

As Expected, Trump FCC Chairman to Put Net Neutrality on the Chopping Block

FCC Chairman Ajit Pai Mocks Canceled Shows, Wants to Be Vin Scully of Regulation