Sinclair to buy Tribune Media, expanding its local TV reach

The WGN Radio sign appears on the side of Tribune Tower, Monday, May 1, 2017, in downtown Chicago. TV station operator Tribune Media is at the center of a possible bidding war, following reports that Fox News owner 21st Century Fox and investment firm Blackstone may make a joint takeover bid for the company. Tribune owns or operates 42 local TV stations across the nation, including WPIX in New York, KTLA in Los Angeles and WGN in Chicago. (AP Photo/Kiichiro Sato)

NEW YORK (AP) – Sinclair Broadcast Group is buying Tribune Media for about $3.9 billion, boosting the number of local TV stations it owns.

Sinclair will own or operate more than 200 stations following the deal. Chicago-based Tribune owns or operates 42 television stations, including KTLA in Los Angeles and WPIX in New York, and it owns a stake in the Food Network.

Sinclair, based in Hunt Valley, Maryland, owns 173 stations around the country. It will pay $43.50 for each share of Tribune Media Co., an 8 percent premium from Tribune’s closing price of $40.29 on Friday.