Nexstar Swallows Tribune

Long viewed as strategically compelling

Nexstar Media Group, Inc. (NASDAQ: NXST) announced on December 3rd that it has entered into a definitive merger agreement with Tribune Media Company (NYSE: TRCO) under which Nexstar will acquire Tribune in a deal valued at approximately $6.4 billion. Nexstar will purchase each outstanding share of Tribune for $46.50 per share in a cash and assume all of Tribune’s outstanding debt. Nexstar expects to benefit from increased operational and geographic diversity and scale upon closing of the transaction.

President and CEO of Nexstar, Perry Sook, said, “Nexstar has long viewed the acquisition of Tribune Media as a strategically, financially and operationally compelling opportunity that brings immediate value to shareholders of both companies. We have thoughtfully structured the transaction in a manner that positions the combined entity to better compete in today’s rapidly transforming industry landscape and better serve the local communities, consumers and businesses where we operate.” Bank of America Merrill Lynch is acting as financial advisor to Nexstar with Kirkland & Ellis LLP and Wiley Rein LLP acting as legal counsel. Moelis & Company and Guggenheim Securities are serving as financial advisors to Tribune with Debevoise & Plimpton LLP and Covington & Burling LLP providing legal counsel.


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