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Sinclair Broadcast to buy Tribune Media for about $3.9 billion
May 8, 2017 9:13 AM EDTBy Liana B. Baker and Rishika Sadam
(Reuters) - Sinclair Broadcast Group Inc (NASDAQ: SBGI) said on Monday it would buy Tribune Media Co (NYSE: TRCO), one of the largest U.S. television station operators, for about $3.9 billion, giving Sinclair a greater foothold in big broadcast markets like New York and Chicago.
Shares of Tribune, which operates 42 U.S. television stations, rose 5.2 percent to $42.42. Sinclair shares fell about 3 percent to $35.90.
A recent U.S. Federal Communications Commission vote to reverse a 2016 decision limiting the number of... More
