Sinclair Broadcast Group announced today it has reached a deal to acquire Tribune Media for $3.9 billion.
The two groups combining will mean the company reaches more households than previously allowed by a 2016 law recently reversed by the FCC that said media companies could only serve 39 percent of U.S. television households.
BREAKING: Sinclair Broadcast Group announces deal to acquire Tribune Media Co. for $3.9B
— CNBC Now (@CNBCnow) May 8, 2017
Sinclair provides services to 173 television stations in mid-sized markets, and Tribune Media has 42 broadcast stations in mid-sized and large markets. The deal will make the company the most powerful TV station owner in the United States.
Reports indicate Sinclair will purchase Tribune for $43.50 per share.