Sinclair Broadcast Group acquires Tribune Media

Sinclair Broadcast Group said on Monday that it has agreed to buy Tribune Media for about $3.9 billion.

That $43.50 represents a 26 percent premium above what TRCO was trading for on February 28, 2017, which was the last day before media speculation of a sale.

The announcement of the deal comes weeks after the Federal Communications Commission voted to reverse a 2016 decision that limits broadcasters owning stations serving no more than 39 percent of USA television households. Tribune Media owns World Health Organization, the NBC affiliate in Des Moines.

The newspaper reported that Sinclair beat out competitors with a $44-per-share bid, valuing Chicago-based Tribune at about $3.8 billion.

Analysts and sources had said that 21st Century Fox considered a bid for Tribune to keep Sinclair from gaining more leverage in talks with the conglomerate at a time when retransmission consent fees (pay TV operators' payment to broadcasters) and reverse compensation (stations' payment to a network for being affiliated with it) have become growing revenue streams.

"This is a transformational acquisition for Sinclair that will open up a myriad of opportunities for the company", said Chris Ripley, Sinclair president and CEO. Sinclair may have to sell stations in markets where it now owns stations, in order to comply with ownership requirements and antitrust regulations set by the Federal Communications Commission, the company said. Sinclair will also pick up Tribune assets not involved in the broadcast industry.

Narine, Lynn script win over Bangalore with attacking display
That apart, RCB wishes to win one game at least on their home ground. "They backed themselves and played cricketing shots". KKR , after a good first innings, started their run chase in an incredible fashion with Lynn and Narine going berserk.

Tribune Media owns 42 TV stations, including WQAD, WGN in Chicago, WPIX in NY and KTLA in Los Angeles. Tribune's stations allow Sinclair to strengthen our commitment to serving local communities and to advance the Next Generation Broadcast Platform. It also gets ownership of a cable channel, WGN America, and a 31% stake in the Food Network. If it does, then Sinclair will own, operate, or serve 233 television stations in 108 markets and be, by far, the biggest independent owner of Fox affiliates.

In April, Sinclair struck a deal to purchase Bonten Media and Cunningham Broadcasting for $240 million, adding 14 stations in eight markets to its footprint.

The latest move assumed significance since it comes on the heels of Twenty-First Century held a discussions with Blackstone Group on submitting a proposal to buy Tribune Media last week.

Craig Aaron, CEO of progressive media activist group Free Press, calls the Sinclair-Tribune deal "a scandal".

The deal is subject to the FCC's approval.

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