Deal or no deal

3 Dec 2018 By Jennifer Saba Follow @jennifersaba

Nexstar is buying the U.S. media group for $4.1 bln. Tribune recently pulled out of an earlier deal after suitor Sinclair irked U.S. regulators. This go-around looks like a stronger plot. The price is higher, the buyer’s record is strong and there’s a clean sheet with watchdogs.

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Nexstar Media on Dec. 3 said it had agreed to buy Tribune Media for $4.1 billion, or $46.50 per share, in an all-cash transaction valued at $6.4 billion including the assumption of debt. The price reflects a 15.5 percent premium to Tribune’s closing price on Nov. 30.

Tribune had agreed in May 2017 to be acquired by Sinclair Broadcast for a mix of cash and stock totaling $43.50 per share, but backed out in August 2018 after U.S. regulators at the Federal Communications Commission raised objections and questioned Sinclair’s candor over the planned sale of some stations.

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