Nexstar Media Group Inc. agreed to buy Tribune Media Co. for $4.1 billion, creating the largest owner of local-TV stations in the U.S., according to a person with knowledge with the matter.
Nexstar outbid private equity firm Apollo Global Management LLC with an all-cash offer that values Tribune at about $46.50 a share, said the person, who asked not to be identified because the purchase isn’t yet public. An announcement could come as soon as Monday.
The deal would create a new king of local TV, unseating Sinclair Broadcast Group Inc. Four months ago, Sinclair was forced to abandon its own takeover attempt for Tribune after the $3.9 billion transaction drew the ire of regulators. Nexstar had been interested in Tribune last year before Sinclair had agreed to buy it.
Tribune is now set to fetch a higher price from Nexstar — and a 15 percent premium over its closing price of $40.26 at the end of last week.
Locally, this deal creates no complications: Tribune Media owns KFOR-TV and KAUT-TV in Oklahoma City, and the licenses could be passed on to Nexstar more or less intact. Nexstar owns stations in Texas and in Arkansas; their Fort Smith-Fayetteville cluster, with NBC and Fox affiliates, reaches a few homes in far-eastern Oklahoma.