The deal, which will create a company with 197 full power, owned or serviced TV stations in 115 markets will reach 39% of US households. It will make the new-look Nexstar the biggest broadcaster in the country.
By acquiring Tribune, Nexstar has also picked up the WGN America pay tv network and a 31% stake in the Food Network.
Nexstar has sold 11 stations to Tegna in order to comply with the terms of the deal. The agreement with Tegna has been valued at US$740 million (€671 million), and boosts its portfolio to 62 stations in 51 markets.
Nexstar CEO Perry Sook said: “The completion of our accretive acquisition of Tribune Media increases Nexstar’s geographic diversity and audience reach with national coverage and an expanded presence in top 50 DMAs, while offering complementary media assets and investments, scale driven synergies and further cash flow diversification.
“Nexstar Media Group is now the nation’s leading creator and distributor of local news, entertainment, sports, lifestyle and network programming through its broadcast and digital media platforms.”