By Liana B. Baker and Jessica Toonkel
Sinclair Broadcast Group Inc (SBGI.O) is nearing a deal to acquire Tribune Media Co (TRCO.N) after prevailing in an auction for one of the largest U.S. television station operators, people familiar with the matter said on Sunday.Sinclair's offer values Tribune Media at around $44 per share, the sources said. Tribune Media shares ended trading on Friday at $40.29, giving it a market capitalization of $3.5 billion.
The acquisition would mark the first major deal between broadcasters since the U.S. Federal Communications Commission voted to reverse a 2016 decision that limits the number of television stations some broadcasters can buy.
Negotiations between Sinclair and Tribune Media have not yet been finalized, and there is still a possibility the deal will not be reached, the sources cautioned.
The sources asked not to be identified because the deliberations are confidential. Tribune Media declined to comment. Sinclair did not immediately respond to requests for comment. (Reporting by Liana B. Baker in San Francisco and Jessica Toonkel in New York; Editing by Phil Berlowitz)
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Updated Date: May 07, 2017 23:15 PM