CHICAGO – The company that owns and operates FOX40 has just been acquired by America’s biggest owner of local TV stations in a multi-billion dollar deal.
Sinclair Broadcast Group, Inc. agreed on Monday to buy Tribune Media Company for approximately $3.9 billion. Sinclair will also assume $2.7 billion in net debt from Tribune.
“The Tribune stations are highly complementary to Sinclair’s existing footprint and will create a leading nationwide media platform that includes our country’s largest markets,” said Chris Ripley, President and CEO of Sinclair. “The acquisition will enable Sinclair to build ATSC 3.0 (Next Generation Broadcast Platform) advanced services, scale emerging networks and national sales, and integrate content verticals. The acquisition will also create substantial synergistic value through operating efficiencies, revenue streams, programming strategies and digital platforms.”