According to Reuters, certain people stated on Sunday that Nexstar Media Group Inc has finally reached an agreement so as to acquire the Tribune Media Co. According to the people who are familiar with the matter and whose names were not revealed stated that the deal closed at $4.1 billion and is a deal that will make Nexstar Media Group the largest local operator of the TV station in the United States.
The acquisition of the Nexstar will come up exactly three months after the $3.9 billion deal of Tribune so as to sell itself to Sinclair Broadcast Group Inc which collapsed over the hurdles of regulation.
Sinclair Broadcast Group is currently the largest local operator of TV station in the United States.
According to the Reuters, three sources stated it that Apollo Global Management LLC has earlier offer an agreement to the Tribune with a value of $46.50 per share and Nexstar outbid that proposal.
On Friday, at the end of the trading the shares of Tribune were at $40.26.
The market capitalization of Nexstar is worth $3.8 billion and according to the sources of the Reuters Nexstar has already lined up banks so as to finance the debt for the deal of acquisition.
According to the Reuters, the sources stated that the announcement regarding the deal might be announced on Monday.
Reuters further stated that the sources have requested not to be identified because of the confidentiality of the matter and that the requests of commenting by the Reuters were declined by Apollo as well as Tribune.
The deal of Tribune with Sinclair was terminated in August and it also filed a lawsuit stating that the latter has mishandled the efforts so as to get the approval of the transaction by being way too aggressive as well as taking too much time in the dealings with the regulators concerned with the matter.
Source – Reuters, European Journal
