A huge media merger that has been working its way through the government approval process closed Thursday afternoon, with TVNewsCheck reporting that Nexstar Media Group announced it has completed its acquisition of Tribune Media.
The company said it made the acquisition in what it called an accretive transaction valued at about $7.2 billion including the assumption of Tribune Media’s outstanding debt.
In addition, three former members of Tribune Media’s senior management team have joined Nexstar, effective immediately. Sean Compton was named executive vice president, WGN America, WGN Radio and director of content acquisition. Dana Zimmer becomes executive vice president and chief distribution and strategy officer. And Gary Weitman was named executive vice president and chief communications officer.
“The combination creates the nation’s largest pure-play local broadcast television and digital media company, with 197 stations in 115 markets and national coverage and reach of approximately 39% of U.S. television households (reflecting the FCC’s UHF discount) or 63% without the discount,” TVNewsCheck reports.
In connection with the Tribune acquisition, Nexstar also completed the previously announced divestitures of 21 television stations.