(REUTERS) — Sinclair Broadcast Group Inc is nearing a deal to acquire Tribune Media Co after prevailing in an auction for one of the largest U.S. television station operators, people familiar with the matter said on Sunday.
Sinclair’s offer values Tribune Media at around $44 per share, the sources said. Tribune Media shares ended trading on Friday at $40.29, giving it a market capitalization of $3.5 billion.
The acquisition would mark the first major deal between broadcasters since the U.S. Federal Communications Commission voted to reverse a 2016 decision that limits the number of television stations some broadcasters can buy.
