When Tribune Media announced yesterday that it had agreed to be acquired by Sinclair Broadcasting for $3.9 billion (not including assumed debt), I had two initial thoughts:
- Conservative-leaning Sinclair will now own a national cable network (WGN) that it could use to launch a Fox News rival (albeit with a massive HR insurance policy);
- What happened to 21st Century Fox, which was said to be working with The Blackstone Group on a rival bid?
I'm totally unqualified to deal with #1, but I did speak with a bunch of people familiar with #2. Notes: