FCC approves Nexstar Media Group's acquisition of Tribune Media
Nexstar Media Group announced Monday that the Federal Communications Commission has approved its acquisition of Tribune Media Company, which owns Q13 FOX and JOEtv.
The FCC said in a statement that the commission "found that the proposed merger would provide several public interest benefits to viewers of current Tribune and Nexstar stations."
The deal will make Nexstar the largest owner of local television stations in the United States with more than 200 stations from coast-to-coast.
“We’re very pleased with today’s decision by the FCC, which enables us to clear the last remaining regulatory hurdle in our path,” said Peter Kern, Chief Executive Officer of Tribune Media Company. “We look forward to closing our transaction with Nexstar very soon.”
Last December, Nexstar announced the $4.1 billion takeover of Tribune Media. The Department of Justice cleared the buyout earlier this summer.
Once the deal closes, Nexstar will become the owner of KCPQ-TV and KZJO-TV in Seattle. It will also gain a foothold in major markets, including Los Angeles and Chicago for the first time, plus a cable channel (WGN America) and a stake in the Food Network.
The Irving, Texas-based company also agreed to divest 21 local TV stations to TEGNA, Scripps and Circle City Broadcasting I, Inc. to comply with the FCC's ownership limits.