Dec 2, 2018 - Economy & Business

Nexstar buying Tribune Media for $4 billion

Dan Primack, author of Pro Rata

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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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1:30 a.m. ET: 19,861,683 — Total deaths: 731,326 — Total recoveries — 12,115,825 — Map.
  2. U.S.: Total confirmed cases as of 1:30 a.m. ET: 5,044,864 — Total deaths: 162,938 — Total recoveries: 1,656,864 — Total tests: 61,792,571 — Map.
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