Nexstar Closes on Tribune
Nexstar competed the $7.2 billion buy of Tribune, it announced Thursday. The combined broadcaster is “the nation’s largest pure-play local broadcast television and digital media company,” it said. It reaches 39 percent of U.S. TV households under current FCC…
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rules, the maximum under the national ownership cap. With the deal’s close, an associated $1.33 billion in divestitures of 21 TV stations to Tegna, Scripps and Circle City Broadcast was completed. Scripps’ buy of eight stations, including in New York, Phoenix and Miami, makes it the fourth-largest broadcaster, it said. The FCC OK'd the Nexstar deal in a 3-2 party-line vote announced Monday (see 1909160065).Tegna bought 11 TV stations for $740 million, it said. The markets include Hartford, Memphis and Des Moines. “These acquisitions enhance and diversify our portfolio of Big Four stations in key markets, including election battleground states,” said CEO Dave Lougee.