Nexstar Media Group’s deal to buy Tribune Media Company for $4.1 billion is the latest merger to test Trump administration regulators tasked with overseeing a rapidly consolidating media industry. Nexstar doesn’t have the same political baggage as Sinclair, but critics are just as concerned about its proposal to consolidate so many local news outlets across the country under one umbrella.
The spinoffs necessary for regulatory approval will include stations in at least 13 of 15 markets: Portland, Ore., Salt Lake City; Des Moines, Iowa; Ft. Smith, Ark; Davenport, Iowa; Memphis, Grand Rapids, Mich; Indianapolis, Huntsville, Ala; Hartford, Conn.; Wilkes-Barre/Scranton, Pa.; Harrisburg, Pa.; Hagerstown, Md.; Richmond, Va; and Norfold, Va. Nexstar CEO Perry Sook says he expects those spinoffs will sell for around $1 billion.
Nexstar Media Group has reached an agreement to acquire Tribune Media 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.
Reuters is reporting that Northwest Broadcasting’s Brian Brady is joining forces with private equity Apollo Global Management to make a bid for Tribune Media. The report also says that Nexstar is in the Tribune chase and that if it fails it will turn its sights on Cox Media’s TV group, which includes three Top 25 ABC affiliates.
The sale of three stations in Hawaii to Nexstar Media Group tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
The station group is buying MNT affiliate KFVE for $6.5 million so that it can pair it with KHON, an affiliate of Fox and the CW, according to CEO Perry Sook. Raycom has been operating KFVE under a shared services agreement.
Its purchase of WSIL Paducah, Ky., follows that of KVOA Tucson, Ariz., earlier this week. Terms have not yet been disclosed for either deal. The two stations swell Quincy’s portfolio to 16 markets.
The deal will bring the Scripps station portfolio to 51 stations in 36 markets with a reach of nearly 21% of U.S. TV households and includes three duopolies — in Helena and Great Falls, Montana, and Corpus Christi, Texas. Cordillera is selling its remaining station, NBC affiliate KVOA Tucson, Ariz., to Quincy Media.
The sale of W16CO-D Middleburg and W14DF-D Elliottsburg, Pa., tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
The sale of K20JX-D Sacramento, Calif., tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.