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Report: Nexstar Secures Deal to Buy Tribune Media for $4.1 Billion

Nexstar Media Group has reached a deal to acquire Tribune Media for about $4.1 billion, Reuters reports. The deal, which is expected to be announced Monday, will reportedly make Nexstar the largest local TV station operator in the United States. Sources cited by Reuters on Sunday said Nexstar outbid Apollo Global Management with in an all-cash offer that valued Tribune at $46.50 per share. Nexstar currently owns, operates, and provides services to 174 television stations, which reportedly have a reach of nearly 39 percent of all U.S. television households. Tribune’s 42 local television stations and WGN America are said to have a reach of about 50 million and 77 million households, respectively. The Nexstar deal comes after Tribune's $3.9 billion deal with Sinclair Broadcast Group—the current largest local TV station operator—fell through after it ran into regulatory issues.