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Nexstar Media Reportedly To Buy Tribune Media For About $4.1 Bln

Nexstar Media Group Inc. (NXST) has reached an agreement in principle to buy Tribune Media Co. for about $4.1 billion, according to reports citing a person familiar with the matter.

The deal is expected to be announced as early as Monday, the report said.

The acquisition would add Tribune Media's 42 stations in major markets to Nexstar's portfolio of about 175 TV stations in cities including San Francisco, Phoenix and Tampa, Fla.

Nexstar's deal comes about four months after regulators effectively blocked Sinclair's purchase of Tribune. Sinclair last year struck a deal to buy Tribune Media for $3.9 billion, but Tribune Media terminated the merger in August after Federal Communications Commission Chairman Ajit Pai raised legal concerns about the proposed tie-up.

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