Nexstar completes buy of Tribune Media

Nexstar Media Group’s completed its $4.1 billion buy of Chicago-based Tribune Media last week, the Chicago Tribune reported.

The purchase creates the country’s biggest local TV station ownership group and places WGN’s TV, radio and cable stations under the Dallas firm’s umbrella.

The FCC had approved the deal last Monday. The deal was valued at some $7.2 billion including the assuming of Tribune Media’s outstanding debt, according to Nexstar.

The combination creates the nation’s largest pure-play local broadcast television and digital media company, with national coverage and reach to approximately 39 percent of U.S. television households (reflecting the FCC’s UHF discount, which lets media firms tabulate their UHF stations at half reach). According to Nexstar, the company will benefit from increased operational, geographic and economic diversity and scale as a result of Tribune Media’s diverse portfolio of media assets including owned or operated broadcast television stations in major U.S. markets, local news and entertainment content, ownership of WGN America, a 31.3 percent ownership stake in Food Network, and equity holdings in several digital media businesses.

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