Reuters citing sources familiar with the matter has reported that an agreement between Nexstar Media Group and Tribune Media for acquisition of the later has been concluded upon a $4.1 billion deal.
After the acquisition Nexstar will become the largest local TV station operator in United States.
To the reach of 50 Million users, the Chicago based Tribune Media, has been operating with 42 of its local televisions. A diversified range of websites and applications with monthly visitors of 54 million and WGN America, a nationwide cable network reaching more than 77 million families, have also been owned by the Tribune Media.
The deal arrived 3 months after the, failed to comply with regulatory requirements, bid of $3.9 billion for the same by currently largest US local TV station operator Sinclair Broadcast Group Inc.
The Nexstar, outbidding the all-cash per share offer of $46.50 of Apollo Management LLC for Tribune, has also aligned the banks to arrange debt financing for the deal.
The official announcement of the current deal between Nexstar and Tribune is reportedly expected to be in current week most likely to be on Monday, with no comments by any of the parties including Apollo, Tribune, Sinclair or Nexstar.
A lawsuit was filed by Tribune, after terminating the deal of $3.5 billion by Sincalir in August, for its delaying strategy and aggressiveness in efforts to complete the regulatory requirement regarding the deal, leaving the U.S. broadcast media sector to remain in repeated merger talks since then.
Further a voting on relaxing the broadcast media sector, upon restriction on number of stations operated by a single broadcaster, has at U.S. Federal Communications Commission (FCC) for approval is also been awaited.
Nexstar finally opted to chose dealing with Tribune, while a for sale option to buy 14 TV stations of Cox Enterprises Inc. was also under consideration of Nexstar for a worth more than $2.5 billion.