Nexstar Media has agreed to acquire Tribune Media for $6.4 billion, including debt, the companies announced Monday. The deal would create the largest local television broadcaster in the U.S. and bring multiple Missouri television stations together under the same ownership group.
The announcement follow less than four months after Tribune walked away from a proposed merger with Sinclair Broadcast Group amid scrutiny from federal regulators.
Irving, Texas-based Nexstar agreed to pay $46.50 per share in a cash for Chicago-based Tribune, a premium of about 15.5 percent over Tribune’s closing price on Friday.
Tribune owns three Missouri stations: the Fox and CW affiliates in St. Louis, KTVI 2 and KPLR 11; and the Fox affiliate in Kansas City, WDAF 4.
Nexstar owns five stations in the state: Springfield CBS, Fox and MyNetworkTV affiliates KOLR 1o, KRBK 49 and KOZL 27; and Joplin ABC and NBC affiliates KODE 12 and KSNF 16.
Before any divestitures, the combined company would have 216 television stations that it owns or services in 118 markets, including 37 of the country’s 50 largest markets.
The boards of both companies have approved the deal, and the companies expect it to close in the third quarter of 2019, pending regulatory approval.