US’ Tri­bune Me­dia set to be ac­quired

The Phnom Penh Post - - BUSINESS -

TRI­BUNE Me­dia agreed on Mon­day to be ac­quired by Nexs­tar Me­dia Group for $4.1 bil­lion in a deal that would cre­ate the largest op­er­a­tor lo­cal US tele­vi­sion sta­tions.

The deal com­bines two com­pa­nies with lim­ited ge­o­graphic over­lap in the US that to­gether will reach about 39 per cent of US tele­vi­sion house­holds in­clud­ing many top mar­kets, the com­pa­nies said.

The com­bined en­tity will have rep­re­sen­ta­tion in 37 of the top 50 mar­kets, ac­cord­ing to Brief­ing.com.

The com­bined en­tity will be po­si­tioned to “bet­ter com­pete in to­day’s rapidly trans­form­ing in­dus­try land­scape and bet­ter serve the lo­cal com­mu­ni­ties, con­sumers and busi­nesses where we op­er­ate,” said Nexs­tar CEO Perry Sook.

“The trans­ac­tion of­fers syn­er­gies re­lated to the en­hanced scale of the com­bined broad­cast and dig­i­tal me­dia op­er­a­tions, and in­creases our au­di­ence reach by ap­prox­i­mately 50 per cent.”

Nexs­tar cur­rently owns, op­er­ates or pro­grammes for

174 sta­tions, while Tri­bune owns or op­er­ates 42 lo­cal sta­tions and holds a num­ber of other in­vest­ments, in­clud­ing a 31 per cent stake in Tele­vi­sion Food Net­work. The com­pany in­di­cated it ex­pects to have to sell off some sta­tions due to the deal.

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