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Sinclair Broadcast to buy Tribune Media for about $3.9 bln
May 8, 2017 / 1:11 PM / 7 months ago

Sinclair Broadcast to buy Tribune Media for about $3.9 bln

May 8 (Reuters) - Broadcaster Sinclair Broadcast Group Inc said on Monday it would buy Tribune Media Co for about $3.9 billion cash and stock and assume about $2.7 billion in debt.

The $43.50 per share offer represents a nearly 8 percent premium to Tribune’s Friday close.

Reuters reported on Sunday saying the companies were close to a deal.

The deal comes weeks after the U.S. Federal Communications Commission voted to reverse a 2016 decision that limited the number of television stations some broadcasters can buy. (Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)

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