Breaking News! Nexstar to Buy Tribune

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FTVLive FIRST told you that Tribune would be announcing a buyer soon and it looks like it is going to be Nexstar.

Nexstar sources say that they have agreed to buy Tribune at just over $4 billion dollars which is more than Sinclair offered in their failed attempt.

The deal will make Nexstar TV media company, but the deal will look much different when it is finally done.

The two companies have 11 shared markets that will have to be dealt with. Plus, this deal will put Nexstar further over the cap than even Sinclair was in their proposed deal.

Also, word is that Fox is still interested in the 7 stations that they were going to buy off of Sinclair and it is likely that Nexstar will sell those stations and maybe a couple of more to Fox to pay down some debt.

FTVLive will have our full take on this on Monday and tell you what it means for both companies, but you can bet that Sinclair’s David Smith is about as pissed as anyone right now.

Look for Sinclair to push very hard to get the Cox stations.

Stay tuned….