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Nexstar is set to acquire Tribune Media (update: official)
Like it or not, American media consolidation could still be on the way in the wake of Sinclair's failed bid for Tribune Media. Reuters sources claim broadcasting giant Nexstar Media Group has reached a deal to buy Tribune for about $4.1 billion. The deal could be announced by December 3rd, the insiders said. Tribune declined to comment, while Nexstar hasn't commented as of this writing.
Sinclair countersues Tribune Media after failed acquisition
Looks like we won't be hearing the end of that Sinclair and Tribune Media drama anytime soon, even though the merger is no longer happening. Sinclair is now counter-suing Tribune Media, accusing the company of trying to profit off of an unfortunate turn of events. The suit claims that the companies were working together, as partners, every step of the way, and Tribune's lawsuit "reflects a deliberate effort to exploit and capitalize on an unfavorable and unexpected reaction from the FCC to capture a windfall for Tribune."
FCC investigator says Pai didn't give Sinclair preferential treatment
More than a few people thought FCC Chairman Ajit Pai was acting suspiciously ahead of the failed Sinclair-Tribune merger. The regulator's Office of the Inspector General, however, would beg to differ. The watchdog has published a report determining that Pai hadn't shown "favoritism" or other forms of shady dealing in his decisions around the abandoned takeover. Pai's choices, such as relaxing media ownership limitations, were "consistent" with his public statements, according to the report. Moreover, Pai's punishments for Sinclair (including a $13.3 million fine and the decision to kill the merger) suggested to the Inspector General that the Chairman was being fair.
Tribune ends Sinclair merger bid and files suit over losses
Today, Tribune Media announced that it is no longer interested in Sinclair's $3.9 billion takeover. Furthermore, the company is filing suit against Sinclair for breach of contract, which asks for compensation for all of Tribune's losses as a result of the breach.
FCC has 'serious concerns' about Sinclair merger it helped engineer
Sinclair's attempt to buy Tribune Media has raised many concerns in the past year, and not just among advocates concerned about its partisan message and potential for media dominance. The broadcasting giant has revamped its deal several times in a bid to win the hearts of regulators, with its latest proposal offloading 21 stations. However, it looks like the buyout may effectively be dead. FCC Chairman Ajit Pai has produced a draft order that would send disputes over these stations to an administrative law judge, a process that many see as fatal to would-be mergers.
CBS and Viacom are reportedly exploring a massive media merger
The heads of Viacom and CBS have discussed the prospect of merger, according to Reuters sources. Earlier this month, Viacom CEO Bob Bakish and CBS CEO Leslie Moonves reportedly had an exploratory talk about a potential merger and both companies' boards have scheduled a number of meetings to continue that discussion over the next few weeks.
Sinclair buys Tribune Media to create a larger TV empire
It didn't take long for the rumors to come true. Sinclair Broadcast Group has confirmed that it's acquiring Tribune Media for $3.9 billion. The deal is the largest in Sinclair's history, and will add Tribune's 42 American TV stations to Sinclair's 173 -- that's a lot of broadcasters under one banner. The deal also gives it the cable channel WGN America, the digital network Antenna TV and small stakes in both Food Network as well as the internet job site CareerBuilder. However, it's not just about the immediate media expansion that matters. According to Sinclair, it's also about a long-term technological play.
The TV industry just edged closer to a giant merger
All that talk of major TV media buyouts just got more substantive. Reuters tipsters claim that Sinclair Broadcast Group, not 20th Century Fox as many suspected, is close to a deal to buy TV giant Tribune Media. Negotiations are reportedly still underway and might not pan out, but there's now a clear front runner. In fact, the sources maintain that Fox didn't even submit a bid -- so much for that talk of wanting more control over distributing media.
Get ready for a wave of TV mergers and buyouts
20th Century Fox is reportedly looking to buy Tribune Media, potentially sparking a wave of consolidation in the TV business. The news comes via Bloomberg, which believes that the media giant has entered into secret talks to buy the broadcaster. Tribune Media is a potentially prize asset, owning 39 stations in 31 markets, including affiliates for all of the big five TV networks.
