By Carl O’Donnell and Liana B. Baker
(Reuters) – Nexstar Media Group Inc has reached an agreement to acquire Tribune Media Co for about $4.1 billion, a deal which would make it the largest local U.S. TV station operator, people familiar with the matter said on Sunday.
Nexstar’s acquisition would come just three months after Tribune’s $3.9 billion deal to sell itself to Sinclair Broadcast Group Inc, currently the largest U.S. local TV station operator, collapsed over regulatory hurdles.
Nexstar outbid private equity firm Apollo Global Management LLC with an all-cash offer that values Tribune at around $46.50 per share, three sources said. Tribune shares ended trading on Friday at $40.26.
Nexstar, which has a market capitalization of $3.8 billion, has lined up banks to provide debt financing for the deal, the sources added.
The agreement between Nexstar and Tribune Media could be announced by Monday, according to the sources.
Read more at : https://www.investing.com/news/stock-market-news/exclusive-nexstar-clinches-41-billion-deal-to-acquire-tribune-media–sources-1707574