Sinclair Broadcast Group, the biggest U.S. local television station owner, has agreed to acquire rival Tribune Media for about $6.6bn, including debt, in a deal that is expected to be the first of many in the media industry following the Federal Communications Commission's recent decision to effectively loosen a cap on local television station ownership.
The deal, which must be approved by the Federal Communications Commission, would give Sinclair a presence in the top three TV markets - KTLA in Los Angeles, WPIX in NY and WGN in Chicago.
Sinclair President and CEO Chris Ripley called the planned acquisition "transformational", in a statement, adding: "The Tribune stations are highly complementary to Sinclair's existing footprint and will create a leading nationwide media platform that includes our country's largest markets".
The deal values Tribune Media at $43.50 a share, an 8% premium to Tribune's $40.29 closing price Friday and a 26% premium over the price in February, before reports of a deal first surfaced.
FCC Chairman Ajit Pai, named by President Donald Trump in January, is planning to take a new look at the current overall limit on companies owning stations serving no more than 39 percent of US television households.
Sinclair Broadcast Group announced Monday that it will acquire Tribune Media in a deal valued at $3.9 billion.
Jared Kushner's sister makes $150M pitch to Chinese investors Promotional materials tout the buildings' proximity to Manhattan and note that the project will create more than 6,000 jobs. No doubt the word has gone out to rich, tapped-in Chinese investors looking to plant some roots in the United States too.
The sale will mark the end of a long road for Tribune, whose name was long intertwined with the city of Chicago, where the Chicago Tribune newspaper was founded more than 150 years ago.
Although FCC TV station coverage caps may ease, Sinclair says it may still sell off a number of stations. Tribune has owned KTLA since 1985.
Shares of Tribune Media (NYSE:TRCO) traded up 1.77% on Tuesday, hitting $40.29.
Sinclair Broadcast Group, one of the nation's largest local TV station operators, wants to get even bigger. Tribune Media also runs cable networks like Tribune Studios, WGN America, and WGN-Radio. Reuters earlier reported that the companies were nearing a deal. The 5 months bullish chart indicates low risk for the $3.78 billion company.
Jeffrey McCall, a media studies professor at DePauw University in IN, said buying Tribune will give Sinclair more power to negotiate better deals with cable companies and national advertisers.
He was part of a secondary overhaul that included the additions of cornerbacks Darrelle Revis and Antonio Cromartie . Gilchrist suffered a season-ending torn patella tendon injury against the San Francisco 49ers last season.
Aguirre won by three scores of 60-54, even though he said he was injured during the bout. "I'll be at that one too". I'm staying at 168, that's the best for me and you know I could have changed a few things.
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Before I get into it, let me point out that things turned out pretty well for the Houston Rockets this season. With Harden on the floor and the shooting that surrounds him, this series could flip quickly.
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Despite this pretty happy (and politically neutral!) accomplishment, some people took the opportunity to bash the president. A representative of the Trump Organization has not yet responded to a request for comment from USA TODAY .
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Stock exchanged hands with the total volume of 4.00 Million shares, as contrast to its average volume of 3.17 Million shares. Hedge funds and other institutional investors have recently added to or reduced their stakes in the company.
There was a spate of breakouts in 2013, including one where about 150 prisoners - including terror convicts - escaped from a jail. The prisoners broke out after pulling down a gate near a mosque located inside the prison complex shortly after Friday prayers.
The raid also resulted in the deaths of several other high ranking ISIS-K leaders and 35 ISIS-K fighters, added the statement . Hasib is believed to have been behind March's attack on a military hospital in Kabul, killing more than 30 people .
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