Sinclair Broadcast Group, already the nation's largest local TV station operator, wants to be even bigger.
Sinclair Broadcast Group has acquired Tribune Media, the owner of Utah's KSTU FOX 13 and 41 other local television stations, in a cash-and-stock deal worth approximately $3.9 billion, both companies announced Monday morning.
Tribune also has stakes in the TV Food Network and CareerBuilding as well as a variety of real estate assets.
Under the deal, Tribune stockholders will receive $35 in cash and 0.23 share of Sinclair stock for each Tribune share and assume about $2.7 billion debt.
Buffett, whose Berkshire Hathaway Inc.is United's largest shareholder and has large stakes in other big USA airlines, said the recent spotlight on poor customer service in the airline industry doesn't change his investment strategy.
McCall majored in speech (communication) at DePauw and went on to earn a master's degree from the University of IL and a Ph.D. from the University of Missouri.
"There has also been speculation that Sinclair, with the addition of Tribune's portfolio, could try to launch a rival to Fox News, though the company has not commented on the possibility", CNN reports.
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In order to comply with FCC ownership requirements and antitrust regulations, Sinclair may sell certain stations in markets where it now owns stations, but there was no immediate word on details linked to such a move, which would be determined through the regulatory approval process.
The deal will be subject to government regulatory review. Since President Donald Trump took office in January, the FCC has reversed a 2016 decision limiting the number of TV stations some broadcasters can buy, which some experts say will prompt more media mergers. To comply with FCC ownership requirements and antitrust regulations, Sinclair may sell certain stations in markets where it now owns stations, according to the statement.
Fox News owner 21st Century Fox and a NY investment firm were recently in talks to buy Tribune, seeking to acquire Tribune-owned local TV stations including WGN in Chicago and PIX 11 in NY. At the start of the year Sinclair set up a wireless initiative with Nexstar Media Group, and between the two of them the broadcasters have airwaves reaching 86 percent of the US.
21st Century Fox, the parent of Fox News Channel, also showed interest recently in purchasing Tribune, the Associated Press reported.
In all, Sinclair said its stations will reach 72 percent of all US households with a TV once the Tribune and Bonten deals close.
Tribune Media declined to comment.
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