U.S. TV giants Sinclair, Tribune to merge

U.S. TV giants Sinclair, Tribune to merge

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Merging
New York, May 8, 2017 (dpa/NAN) U.S. Television operator Sinclair Broadcast Group intends to buy competitor Tribune Media Company for 3.9 billion dollars, the two companies announced in New York on Monday.

The companies agreed on a price of 43.50 dollars per share, with 35 dollars per share to be paid in cash, and the remainder in shares of Sinclair.

Sinclair also will take on 2.7 billion dollars in Tribune’s outstanding debt.

The merger brings together two of the largest operators of television stations in the U.S.

With the deal, the Baltimore-based Sinclair will control more than 200 television stations across the country, including the 42 now owned by the Chicago-based Tribune.

Authorities and shareholders still have to agree to the deal.

Media mogul Rupert Murdoch’s 21st Century Fox had planned to join the bidding for Tribune, but later withdrew, the Wall Street Journal reported, citing an unnamed source close to the deal. (dpa/NAN)
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Edited by Celine-Damilola Oyewole/Felix Ajide