Dec 2, 2018

Nexstar buying Tribune Media for $4 billion

Illustration: Sarah Grillo/Axios

Nexstar Media Group has agreed to acquire Tribune Media for around $4.1 billion, as first reported by Reuters and confirmed by Axios.

Why it matters: This would make Nexstar the country's largest owner of local television stations.

  • This comes just months after Sinclair Broadcast Group saw its $3.9 billion deal for Tribune Media fall through, after it was accused of lying to regulators.

A source says that Nexstar's all-cash bid of $46.50 per share was "less than a dollar" per share better than the runner-up offer from buyout firm Apollo Global Management. Other bidders included Cerberus Capital Management, while a proposal led by entertainer and media entrepreneur Byron Allen ultimately never materialized due to financing difficulties.

  • The deal remains subject to regulatory review, with expectations that it may not close for at least one year. Nexstar also is likely to divest certain stations.

Go deeper: The local TV consolidation race is here

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Energy deputy secretary nominee in hot water after contradicting Trump

Mark Menezes speaks at a forum in Addis Ababa, Ethiopia, June 12. Photo: Minasse Wondimu Hailu/Anadolu Agency/Getty Images

Trump administration officials are internally raising concerns about President Trump’s nominee for Energy deputy secretary, who appeared to openly contradict the president on nuclear waste storage at Nevada’s Yucca Mountain last week.

Driving the news: While speaking at a House Energy and Commerce subcommittee hearing last Wednesday, Mark Menezes told members of the panel that the Trump administration is still interested in storing nuclear waste at Yucca Mountain and that “what we're trying to do is to put together a process that will give us a path to permanent storage at Yucca."

Exclusive: Pompeo says new China media restrictions "long overdue"

Photo: Mark Wilson/Getty Images

The State Department announced Tuesday that it has designated five Chinese state media outlets as "foreign missions," meaning that they will be treated as arms of the Chinese government.

Driving the news: In his first public statement on the new designation, Secretary of State Mike Pompeo tells Axios that the five outlets are "clearly controlled by the [Chinese Communist Party], and we are simply recognizing that fact by taking this action.”

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