Nexstar to become nation’s largest owner of TV stations with Tribune acquisition: report

Nexstar to become nation’s largest owner of TV stations with Tribune acquisition: report
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Nexstar Media Group has agreed to acquire Tribune Media for about $4.1 billion, Reuters reported Sunday, citing sources familiar with the matter.

The acquisition would make Nexstar the largest provider of local television stations in the United States. Nexstar is currently the second largest owner of television stations in country, as it operates more than 170 stations across the U.S. 

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Nexstar outbid private equity firm Apollo Global Management to complete the deal, which was also reported by Variety. The deal values Tribune at $46.50 per share and could be announced on Monday, Reuters and Variety reported. 

Variety reported that Nexstar will need to divest several stations to comply with Federal Communications Commission (FCC) ownership rules. 

The acquisition comes after Tribune in August backed out of a $3.9 billion merger with Sinclair Broadcast Group.

Tribune also filed a lawsuit against Sinclair at the time, arguing that the broadcast giant had breached an agreement between the two companies. 

The deal between Sinclair and Tribune ran into roadblocks at the FCC, much to the ire of President TrumpDonald John TrumpCorsi sues Mueller for alleged leaks and illegal surveillance Comey: Trump 'certainly close' to being unindicted co-conspirator Trump pushes back on reports that Ayers was first pick for chief of staff MORE. Sinclair, a conservative group, has pushed positive media coverage about Trump and his administration.

"So sad and unfair that the FCC wouldn’t approve the Sinclair Broadcast merger with Tribune," Trump wrote in a tweet. "This would have been a great and much needed Conservative voice for and of the People. Liberal Fake News NBC and Comcast gets approved, much bigger, but not Sinclair. Disgraceful!"