Just Pinned to Domestic and Global News: UPDATE: SINCLAIR Buys TRIBUNE for $3.9 Billion Creating TV Goliath... Sinclair Said Close to Buying Tribune for About $45 a Share by Sinclair Broadcast Group Inc. is buying Tribune Media Co. for about $3.9 billion a deal made possible after the Federal Communications Commission voted last month to ease a limit on TV-station ownership in the U.S. Sinclair will pay $43.50 a share for the Chicago-based broadcasting company. It will also assume debt of $2.7 billion. The acquisition of Tribune gives Sinclair TV stations in big media markets like New York Chicago and Miami strengthening its hand in negotiations with pay-TV distributors and major broadcast networks. The larger scale also would help the combined company face down online competitors vying for a piece of the local advertising pie. Shares of Tribune rose as high as $43.80 in early New York trading Monday before the announcement. The companys closing price on Friday was $40.29 giving it a market value of $3.5 billion. 21st Century Fox Inc. with funding from Blackstone Group LP had been planning an offer for Tribune but in the end didnt submit a bid according to a person familiar with the
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