Economy

WJLA owner to buy WDCW owner in $3.9B deal

WJLA owner to buy WDCW owner in $3.9B deal

Sinclair Broadcast Group Inc SBGI.O said on Monday it would buy Tribune Media Co TRCO.N , one of the largest US television station operators, for about $3.9 billion, giving Sinclair a greater foothold in big broadcast markets like NY and Chicago. Sinclair Broadcast Group will acquire 100 percent of Tribune Media Company for $3.9 billion, plus the assumption of $2.7 billion in net debt, according to a press release from Tribune. Adding Tribune's stations will also expand Sinclair's reach into major cities where it didn't have a presence before, such as NY and Chicago.

Sinclair also gets cable network WGN America and a stake in the Food Network, a joint venture between Tribune and Scripps Network Interactive Inc SNI.O .

Sinclair already has 173 stations around the country, including KENV in Salt Lake City, KOMO in Seattle and WKRC in Cincinnati.

Turkish PM objects to US arming of Syrian Kurds
Last month, Erdogan said if Turkey and the United States joined forces, they could turn Raqa into a "graveyard" for the jihadists. The U.S. announced Tuesday that it would arm Syrian Kurdish fighters as a necessary step to recapture the IS stronghold of Raqqa.

WGN America reaches approximately 80 million United States households, while Tribune Broadcasting reaches over 50 million households in the US.

The acquisition of Tribune gives Sinclair TV stations in big media markets such as New York, Chicago and Miami, strengthening its hand in negotiations with pay-TV distributors and major broadcast networks.

Sinclair is a former owner of WTAT-TV, Charleston's Fox TV affiliate.

South Korean president 'may visit Pyongyang'
Mr Xi said China was willing to handle disputes with South Korea "appropriately" on the basis of mutual trust and understanding. Moon competes against twelve other candidates but South Korea presidential elections are decided in a single round.

Tribune Media shares were up $2.61 to $42.90 in morning trading, while Sinclair shares gained $1.28 to $38.23. Tribune Media operates 42 stations and reaches more than 43% of the nation. Sinclair owns four radio stations, a multicast network, a cable network, and "is the leading local news provider in the country, as well as a producer of sports content", according to their website. Fox Networks Group chairman Peter Rice confirmed at the Milken Institute Global Conference last week that Fox was looking to buy Tribune Media because "having more scale and more control of distribution is important."Sinclair's offer values Tribune Media at around $44 per share, the sources said on Sunday".

The deal will be subject to government regulatory review. Sinclair is one of the largest operators of local TV news stations in the US. "We are extremely proud to join Sinclair, and we're excited that Tribune stockholders and employees will have the opportunity to participate in the long-term growth of the combined company". "This acquisition will be a turning point for Sinclair, allowing us to better serve our viewers and advertisers while creating value for our shareholders", said Ripley.

Arsenal beats Southampton 2-0, climbs into 5th in EPL
Arsenal boosted their slim hopes of clinching a top four spot, after goals from Alexis Sanchez and Olivier Giroud secured a 2-0 win over Southampton.


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    Fox had been planning an offer for Tribune but in the end didn't submit a bid, Bloomberg reported last week. The company says it will determine which stations will be affected during the regulatory approval process.
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