In a $4.1 billion deal, Nexstar Media Group is set to acquire Tribune Media. The deal will net Nexstar Tribune’s 42 stations alongside WGN America and will make Nexstar the nation’s largest owner of TV stations with more than 200 outlets.
Prior to the acquisition the Texas-based Nexstar already owns 170 television stations, covering almost 39% of U.S. TV households. The company outbid Apollo Global Management, the private equity giant, for Tribune in an all-cash bid.
Four months ago, Sinclair Broadcast Group’s attempt to acquire Tribune fell through, between regulatory challenges and outcry over the effects of Sinclair’s overt political leanings. The new deal, which will face some potential resistance at the FCC, will not have the same political controversies but will create a behemoth nonetheless. Post-deal compliance with FCC ownership rules will require Nexstar to divest in a number of stations.