Sinclair Broadcast Group buys Fox 13’s owner, Tribune Media, for $3.9 billion
Sinclair Broadcast Group has acquired Tribune Media, the owner of Utah’s KSTU FOX 13 and 41 other local television stations, in a cash-and-stock deal worth approximately $3.9 billion, both companies announced Monday morning.
Sinclair also owns KUTV and KJZZ in Utah.
“Bringing Sinclair and Tribune Media together creates a powerhouse in local television broadcasting, with more than 200 local TV stations in 100 markets across the country, delivering roughly 200,000 hours of local news annually,” said, interim Chief Executive Officer of Tribune Media Company.
The combined company also will also be home to two popular cable networks, WGN America and The Tennis Channel, a variety of multicast networks, a diverse mix of digital properties and five radio stations, anchored by WGN Radio in Chicago.
“This is a transformational acquisition for Sinclair that will open up a myriad of opportunities for the company,” said Chris Ripley, President and CEO of Sinclair. “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.
The deal is expected to take several months to finalize.