Austen Hufford

Gray Television has agreed to buy fellow television-station owner Raycom Media in a $3.65 billion deal that would create a company that reaches nearly a quarter of US TV households. Gray estimates it will be able to save $40 million in the first year after the deal closes by reducing station and corporate expenses.

Sinclair Broadcast Group has reached deals to sell nearly two dozen television stations as it works to get regulators to sign off on its purchase of Tribune Media. Sinclair said that the move to sell the 23 stations in 18 markets, some of which are owned by Sinclair and some by Tribune, was needed to obtain government approval for the $3.9 billion purchase of fellow television-station owner Tribune.

21st Century Fox Inc is in late-stage discussions to buy the rest of Sky PLC, the UK’s market-leading pay-TV provider, as Fox again tries to consolidate its holdings years after its previous attempt was thwarted by a phone-hacking scandal. Fox already owns 39.1% of the company. The companies said that it reached a preliminary agreement for £10.75 per share in cash ($13.52) but that certain material offer terms remained under discussion. The $14 billion offer was a 40% premium to Sky’s Dec. 6 closing price.

If completed, the deal would value Sky at about $23 billion. Fox has until Jan 6 to say whether it will make a firm offer. In 2011, News Corp. dropped its bid to take full control of Sky after a scandal over the reporting tactics at one of its UK newspaper titles raised government and public outcry over the deal. News Corp has since split into 21st Century Fox and News Corp, parent company of The Wall Street Journal.