21st Century Fox is in talks with Blackstone, the giant investment firm, to make an offer for Tribune Media and its stable of television stations, people briefed on the negotiations said on Sunday night, a move that would potentially forestall a rival bid for Tribune.
The move by Fox and Blackstone is aimed at not only bolstering Fox’s television portfolio but also beating an offer by Sinclair Broadcast Group, the country’s biggest station operator, ahead of a bidding deadline this week. The people briefed on the talks spoke on condition of anonymity because negotiations are continuing.
Under the terms of the potential arrangement, Blackstone would contribute cash to the venture, while 21st Century Fox, the huge entertainment company run by the Murdoch family, would contribute its 28 owned-and-operated stations.
Full Content: Bloomberg
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