21st Century Fox in talks to buy television station group Tribune Media
01 May, 2017, 19:55 | Author: Valerie Burke
Despite all that is going on at the company, Fox is in talks with Blackstone Group (BX), one of the world's largest private equity firms, to partner in a bid to acquire TV station owner Tribune Media (TRCO), according to a source familiar with the matter.
The Financial Times reported Sunday that the companies are looking to beat out an offer from Sinclair Broadcast Group.
21st Century Fox owns and operates the Fox network, FX cable channel and 28 TV stations.
Speaking in February on the company's quarterly investor conference call, James Murdoch seemed to indicate that Fox wasn't interested in buying more local TV stations. Tribune owns or operates 42 stations across the nation, including WPIX in New York, KTLA in Los Angeles and WGN in Chicago. Several of the stations that Tribune owns are affiliated with Fox and air the network's primetime shows such as "Empire" and "The Simpsons".
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Talks between Fox and Blackstone are progressing ahead of a deadline this week for final bids, Bloomberg said.
Reports of a potential bid from Sinclair, based in Maryland, emerged a month after the Trump administration took office, with some expecting an easing of regulations that might have prevented tie-ups in the media industry. Tribune Media, which closed Monday at 36.58, has a market cap of $3.2 billion.
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