Nexstar to acquire Tribune Media for $7.2bn.

Nexstar Media Group completed the acquisition of Tribune Media for about $7.2bn, a deal which would make it the largest local US TV station operator. The combination creates the nation’s largest pure-play local broadcast television and digital media company, with national coverage and reach to approximately 39% of U.S. television households (reflecting the FCC’s UHF discount). Nexstar 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 US. Nexstar outbid private equity firm Apollo Global Management with an all-cash offer that values Tribune at around $46.50 per share. “The completion of our accretive acquisition of Tribune Media increases Nexstar’s geographic diversity and audience reach with national coverage and an expanded presence in top 50 DMAs, while offering complementary media assets and investments, scale driven synergies and further cash flow diversification. Nexstar Media Group is now the nation’s leading creator and distributor of local news, entertainment, sports, lifestyle and network programming through its broadcast and digital media platforms based on US TV household reach with pro-forma 2018/2019 average annual revenue of approximately $4.3bn.” Perry Sook, Nexstar Chairman, President and CEO.