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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

Go deeper

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton speaks to members of the media in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and he's asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.

Dan Primack, author of Pro Rata
1 hour ago - Podcasts

Carbon Health's CEO on unsticking the vaccine bottleneck

President Biden has said that getting Americans vaccinated for COVID-19 is his administration’s top priority given an initial rollout plagued by organizational, logistical and technical glitches.

Axios Re:Cap digs into the bottlenecks and how to unclog them with Carbon Health chief executive Eren Bali, whose company recently began helping to manage vaccinations in Los Angeles.