Ion Media — a privately held operator of 70 stations across the US — has joined buyout firm Cerberus Capital and Hicks Equity Partners in a bid to buy Tribune Media, according to a source close to the situation.
The Justice Department has settled with six TV station groups over what DOJ said was the “unlawful sharing of competitively sensitive” information on advertising that disrupted “the normal competitive process of spot advertising in markets across the United States.” The six: Sinclair Broadcast Group, Raycom Media, Tribune Media, Meredith Corp., Griffin Communications and Dreamcatcher Broadcasting.
Byron Allen, the comedian turned media mogul, is in the hunt to buy Tribune Media, the 42-station TV group, which went on the block for a second time earlier this year. Allen, who paid $300 million for the Weather Channel in April, owns Los Angeles-based Entertainment Studios, an independent movie production company, and has been on the prowl to expand his media footprint.
The jump to $494.6 million was driven by a $37.3 million increase in political ad revenue, a $12 million increase in retransmission revenues and a $9.1 million increase in carriage fee revenues, partially offset by a $5.3 million, or 2%, decrease in core ad revenues.
Sony Pictures Television and Tribune Broadcasting have teamed for a syndicated daytime talk show hosted by Mel Robbins. The one-hour show is sold in over 31% of the country and is slated to debut in fall 2019.
Tom Hicks Jr., the Texas-based chair of America First, a super PAC that’s aligned with Trump, is reported to be teaming up with Cerberus Capital to bid for Tribune Media and its 42 TV stations.
The defunct retailer has filed a class-action lawsuit alleging that Sinclair Broadcast Group, Tribune Media and other big owners of local TV stations conspired to jack up the prices of local commercials, violating federal antirust laws.
Morning Dose on KIAH Houston, News Fix on KDAF Dallas and the late newscast at WDCW Washington are all ending within the next two weeks. The staff associated with those shows has been let go.
TV station owner Tribune Media is kicking off a new round of talks to sell itself after its planned $3.9 billion sale to peer Sinclair Broadcast Group failed to get regulatory clearance, people familiar with the matter said on Wednesday. Tribune is working with financial advisers Moelis & Co. and Guggenheim Securities To field interest from potential buyers, including rival Nexstar Media Group and private equity firms, the sources said on Wednesday.
Following the collapsed merger and $1 billion lawsuit Tribune filed against Sinclair, Sinclair filed a countersuit, claiming that “Tribune, through its meritless lawsuit, is seeking to capitalize on an unfavorable and unexpected reaction from the [FCC] to capture a windfall for Tribune.”