A new suitor has emerged for big TV broadcaster Tribune Media, with its 42 TV stations. The New York Post reports that ION Media, a privately held operator of 70 stations across the country, has joined forces with buyout firm Cerberus Capital and Hicks Equity Partners in a bid for the company.
The report cites a source close to the situation.
“Tribune, whose 42 US stations include WPIX in New York and WGN in Chicago, is also being stalked by buyout firm Apollo Global Management and Texas-based NexStar Media, which owns 171 stations nationwide,” The Post adds.
The Post also notes: “Nexstar is hoping for better luck this time around as its last bid was eclipsed by conservative-leaning local-TV empire Sinclair Broadcasting. The latter thought it had a $3.9 billion deal to buy Tribune last spring until the Federal Communications Commission squelched it in July.”
The latest round of bidding has also attracted interest from Byron Allen, who is said to be bidding through his media firm, Entertainment Studios.