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Sinclair Broadcast Group to buy Tribune Media for 3.9 billion dollars

Xinhua, May 8, 2017 Adjust font size:

Sinclair Broadcast Group has agreed to purchase Tribune Media at 43.5 dollars per share for a total price of 3.9 billion dollars, as well as assume the 2.7 billion dollars in net debt.

The two companies have reached an agreement Monday.

The deal is expected to close in the fourth quarter of 2017. Before then, it needs to go through the procedure of being approved by the Federal Communications Commission and federal antitrust regulators.

Chicago-based Tribune Media through Tribune Broadcasting now owns 39 television stations across the U.S. and operating three additional stations through local marketing agreements. It also owns WGN Television, KTLA-TV in Los Angeles and WPIX-TV in New York.

"This is a transformational acquisition for Sinclair that will open up a myriad of opportunities for the company," Sinclair President and CEO Chris Ripley said in a news release. With the 42 stations added, Sinclair "will create a leading nationwide media platform that includes our country's largest markets," Ripley said.

After the purchase, Sinclair will own and operate 233 TV stations in 108 markets.

Tribune Media, formerly known as the Tribune Company, is an American conglomerate headquartered in Chicago. In August 2014, the company spun off its publishing division into Tribune Publishing, including the Chicago Tribune, Los Angeles Times and other major daily newspapers, and retained its broadcast and real estate assets.

Baltimore-based Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country. Sinclair owns and operates stations in 81 markets, including Washington, D.C.; Seattle; St. Louis; Minneapolis; Pittsburgh; and Milwaukee. Endite