IRVING, Texas (WOOD) — WOOD TV8, WOTV4 and WXSP’s parent company Nexstar has cleared a final federal hurdle in its attempt to buy Tribune Media.
Nexstar Media Group announced Monday that the Federal Communications Commission approved transferring control of licenses held by subsidiaries from Tribune Media shareholders to Nexstar. The FCC also OK’d Nexstar’s plan to sell 21 TV stations to TEGNA Inc., The E.W. Scripps Company and Circle City Broadcasting I, Inc. in order to stay compliant with national television ownership rules. The plan includes selling off Fox 17/WXMI to E. W. Scripps Company.
“The Commission found that the proposed merger would provide several public interest benefits to viewers of current Tribune and Nexstar stations. For example, viewers would benefit from their local stations having increased access to Nexstar’s Washington, DC, news bureau and state news bureaus. Additionally, Nexstar demonstrated that it would invest savings resulting from the merger into its stations, including investments in ATSC 3.0, the next-generation television broadcast standard,” the FCC stated in a Monday news release.
The FCC’s consent was the final regulatory approval Nexstar needed to close the roughly $4 billion deal. The deal will make Nexstar the biggest operator of local TV stations in the U.S.
Nexstar says it expects to finish the transaction at station sell-off “shortly.”