Nexstar said Thursday it has closed its acquisition of Tribune Media for $7.2 billion, including debt, vaulting to the position of No. 1 owner of local TV stations in the U.S. The deal caps a remar…
The deal caps a remarkable rise for a company that consisted of a single radio station barely a generation ago. Sinclair Broadcast Group had reigned for years as the top station owner. Tribune, which spun off its print assets in 2014 after a bankruptcy process, last year got close to being acquired by Sinclair, but that deal ran aground over regulatory issues. Sinclair has rebounded from that setback to become a rising force in the regional sports networks sector.
Following through on previously announced plans for divestitures, Nexstar said Thursday that it sold off 21 TV stations for a total of $1.33 billion to Tegna, E.W. Scripps and Circle City Broadcasting.
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