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US: Pai seeks approval for Nexstar-Tribune merger

 |  September 1, 2019

According to a report from Reuters, Federal Communications Commission(FCC) chairman Ajit Pai on Friday, August 30, sought approval from his colleagues to order the go ahead for Nexstar Media’s acquisition of Tribune Media in a US$6.4 billion tie-up. 

Last month, the US Justice Department approved the deal, saying the companies must divest television stations in 13 markets to resolve antitrust concerns. Pai’s order circulated Friday needs the consent of a majority of the five-member FCC. 

Nexstar announced in December it had agreed to buy Chicago-based Tribune for US$4.1 billion in a deal valued at US$6.4 billion including debt that would make it the largest regional US television station operator. Tribune stated earlier this month it looks forward to receiving “regulatory approval” for the deal soon.

Sinclair Broadcast Group previously failed to win approval to buy Tribune. Tribune terminated its deal with Sinclair in August 2018, and filed a lawsuit arguing that Sinclair mishandled efforts to get the transaction approved by taking too long and being too aggressive in its dealings with regulators.

Full Content: Reuters

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