Sinclair Broadcast announced on Monday that it has agreed to buy Tribune Media for about $3.9 billion.
Tribune operates 42 TV stations including the cable network WGN America and several CBS, ABC, and Fox affiliates. It also has minority stakes in the Food Network and the website CareerBuilder. Sinclair is one of the largest operators of local TV news stations in the US.
Sinclair is buying 100% of Tribune’s outstanding shares for $43.50 per share, for an aggregate price of about $3.9 billion. The amount includes about $2.7 billion in net debt.
The companies expect the deal to close in the fourth quarter of 2017.
Full Content: Business Insider
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