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
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.
News and Tech
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