May 9, 2017
Baltimore-based Sinclair Broadcast Group acquired Tribune Media in a deal valued at $3.9 billion. The cash and stock deal, which involves 42 TV stations and assets, must receive approvals from the FCC and federal antitrust regulators.
Sinclair is already the nation’s largest TV station owner, but believes the acquired stations complement its existing footprint and creates a nationwide media platform in major U.S. markets. Sinclair is paying $43.50 per share for the company, and will assume roughly $2.7 billion in net debt.
The combined company would own and operate 233 television stations in 108 markets, including KTLA-TV in Los Angeles and WGN in Chicago, though the FCC could trim that final number.
The FCC recently eased ownership restrictions, by reinstating the UHF discount. In doing so, that allows the Sinclair-Tribune entity to remain below a cap limiting coverage to 39% of U.S. TV households.
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