US’ Tribune Media set to be acquired
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.