Sinclair Broadcast Group may not be getting Tribune Media, but that’s not stopping the owner of such stations as KTLA-5 in Los Angeles and WGN-9 in Chicago from looking for another potential suitor.
Reuters reported Wednesday afternoon (9/5) that it is kicking off a new round of talks to find another merger and acquisition partner.
That’s according to “people familiar with the matter” who spoke to the news organization.
Tribune has signed on with financial advisers Moelis & Co. and Guggenheim Securities to seek out potential buyer interest. According to Reuters, this includes broadcast TV station owner Nexstar Media Group, which acquired Media General in January 2017.
Private equity firms are also in the mix, the unnamed sources tell Reuters.
Reuters has been privy to some exclusive tips regarding big TV companies, including Nexstar. In July, it reported that Apollo Global Management LLC approached the company led by founder Perry Sook to express interest in acquiring it.
Now, Nexstar looks to be an acquirer, and Tribune could be in its sights. NXST shares are trading at $81.45, closing up 30 cents from Tuesday’s closing price. Nexstar had been trading at new all-time highs for much of August.
Meanwhile, Tribune shares improved 91 cents, to $37.54. Volume was heavy at 3.54 million shares; activity spiked at 2:30pm Eastern, following the release of the Reuters report. Average volume for Tribune shares is 1.65 million shares.