Sinclair To Buy Tribune Media For $3.9 Billion

NEW YORK (AP) — Sinclair Broadcast Group is buying Tribune Media for about $3.9 billion, boosting the number of local TV stations it owns.

Sinclair will own or operate more than 200 stations following the deal. Chicago-based Tribune owns or operates 42 television stations, including KTLA in Los Angeles and WPIX in New York, and it owns a stake in the Food Network.

Sinclair, based in Hunt Valley, Maryland, owns 173 stations around the country. It will pay $43.50 for each share of Tribune Media Co., an 8 percent premium from Tribune’s closing price of $40.29 on Friday.

Follow @CBSBaltimore on Twitter and like WJZ-TV | CBS Baltimore on Facebook

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Baltimore

Track Weather On The Go With Our App!
Your Podcast Network Play.it

Listen Live