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BRIEF-Sinclair Broadcast to buy Tribune Media for about $3.9 bln
May 8, 2017 / 1:12 PM / 7 months ago

BRIEF-Sinclair Broadcast to buy Tribune Media for about $3.9 bln

May 8 (Reuters) - Tribune Media Co

* Sinclair broadcast group to acquire tribune media company for approximately $3.9 billion

* Tribune media co - deal for $43.50 per share

* Tribune media co - transaction has been unanimously approved by boards of directors of both companies

* Tribune media co - sinclair expects to fund purchase price at closing through a combination of cash on hand, fully committed debt financing

* Tribune - co stockholders to get $35.00 in cash and 0.23 shares of sinclair class a stock for each share of co’s class a stock and class b stock owned

* Tribune media co - transaction is anticipated to close and fund in q4 of 2017.

* Tribune media-committed debt financing to be provided by jpmorgan chase bank, royal bank of canada, deutsche bank ag, deutsche bank securities inc

* Tribune media - deal is expected to add over 40% pro forma 2016/2017 free cash flow per share accretion

* Tribune media co - j.p. Morgan securities llc acted as exclusive financial advisor

* Tribune media - sinclair to buy 100% of outstanding shares of tribune for about $3.9 billion, plus assumption of about $2.7 billion in net debt

* Tribune media - in order to comply with fcc ownership requirements, sinclair may sell certain stations in markets where it currently owns stations Source text for Eikon: Further company coverage:

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