On Monday it was announced that Nexstar Media Group Inc. has agreed to buy Tribune Media Co. in a $4.1-billion deal, creating the nation’s largest owner of local television stations.
Texas-based Nexstar, composed of 174 stations, including affiliates of NBC, CBS, ABC and Fox, outbid private equity giant Apollo Global Management with an all-cash offer of $46.50 a share. Chicago-based Tribune Media owns and operates 42 local stations reaching about 50 million households. The deal also includes Tribune Media’s cable network WGN America; a 31% stake in the Food Network; and real estate holdings. The acquisition will give Nexstar a presence in the three largest TV markets — New York, Los Angeles and Chicago.
Nexstar expects to close the transaction in the third quarter of 2019.
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