Sinclair close to deal for Tribune Media, report says

on May7

7 May 2017 | 5:47 pm

Sinclair Broadcast Group Inc. appears to have won the sweepstakes for Chicago-based Tribune Media Co., according to a published report.

Sinclair would pay about $45 a share for Tribune Media, Bloomberg reported Sunday. Tribune Media shares closed Friday at $40.29.

The deal, which could be announced Monday, was made possible by the Federal Communications Commission voting to ease limits on TV station ownership, Bloomberg said.

Tribune Media has 42 TV stations and WGN radio, and reaches more than 43 percent of the nation.

Fox News owner 21st Century Fox and New York investment firm Blackstone also were interested in buying Tribune Media.

Sinclair, headquartered in Baltimore, owns 173 stations and other properties such as the Tennis Channel and, according to TVNewsCheck.com, reaches more than 38% of the nation.



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