Nexstar Media Group has entered an agreement to purchase Tribune Media in a deal valued overall at $6.4 billion, or $46.20 per share, the company announced Monday morning.
If approved, the deal will make Nexstar the country’s largest local TV station operator.
The Irving, Texas-based Nexstar owns, operates or provides services to 174 TV stations in the U.S., while the Chicago-based Tribune Media owns or operates 42 local stations, as well as national cable network WGN America.
Tribune has been looking for a new buyer for the past four months after it withdrew from the Sinclair merger in August.
The companies expect the deal to close in the third quarter of 2019.