Nexstar Media Group acquired Tribune Media Company for approximately $6.4 billion including assumed debt ($46.50 per share in cash), a transaction completed in September 2019, structured as all cash. The deal was a Merger.
Tribune Media Company operates in Local television broadcasting, cable networks and digital media. Nexstar Media Group entered into a definitive merger agreement to acquire all outstanding shares of Tribune Media Company for $46.50 per share in cash, in a transaction valued at approximately $6.4 billion including the assumption of Tribune Media's outstanding debt (a 15.5% premium to Tribune's November 30, 2018 close). The deal followed the collapse of Tribune's prior proposed transaction with a third party. Nexstar completed the acquisition September 19, 2019 in a transaction it valued at approximately $7.2 billion including assumed debt, at a final $46.687397 per share, simultaneously completing divestitures of 21 television stations for approximately $1.33 billion. Tribune brought 42 stations, WGN America, a 31% stake in TV Food Network and digital media investments.
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.
Advisory firms were not disclosed for this transaction.