Sinclair to buy Tribune Media for $3.9 billion plus debt

Sinclair Broadcast Group has agreed to buy Tribune Media in a cash and stock deal valued at $3.9 billion. Sinclair will acquire Chicago (IL)-based Tribune Media's 42 television stations and other assets, making the largest station owner in the country even bigger, pending approval from the Federal Communications Commission and federal antitrust regulators. Under the terms of the deal, Baltimore (MD)-based Sinclair will pay $43.50 a share for Tribune Media and will assume approximately $2.7 billion in net debt.

The combined company will become a TV broadcasting behemoth, owning and operating 233 television stations in 108 markets, pending any required divestitures by the FCC. Sinclair owns and operates stations in 81 markets, including Washington (DC), Seattle (WA), St. Louis (MO), Minneapolis (MN), Pittsburgh (PA), and Milwaukee (WI). Its holdings include 54 Fox affiliates, the most of any station group owner. A Chicago broadcasting pioneer, Tribune Media owns WGN-Ch.9 in Chicago, KTLA-TV in Los Angeles and WPIX-TV in New York, a portfolio that was bolstered by the December 2013 acquisition of Local TV's 19-station group for $2.73 billion.