DOJ Signs Off Nexstar/Tribune Deal

The Department of Justice has signed off on the Nexstar Tribune deal, but they did announce that it will require Nexstar and Tribune to divest broadcast television stations in thirteen markets as a condition of resolving a challenge to the proposed $6.4 billion merger between Nexstar and Tribune.

The stations that DOJ questioned are ones that Nexstar already has lined up for sales to Scipps and Tegna.

Now, Nexstar is waiting for the FCC to sign off on the deal.

Here is the internal memo that Tribune CEO Peter Kern sent out to the staff and it was obtained by FTVLive:

From: Peter Kern
Date: 8/1/19
To:
Subject: Nexstar Transaction Update

Late yesterday, we got word that the U.S. Department of Justice has tentatively approved our transaction with Nexstar Media Group, subject to Nexstar’s divestitures to Scripps and TEGNA announced earlier this spring.  While we are pleased with this important step forward, the transaction still needs the approval of the Federal Communications Commission before the regulatory process is concluded.  We remain confident that we can close the transaction before the end of the third quarter.

 With the closing drawing near, I’m sure you have a number of questions about what becoming part of another company means for you, your job and your benefits.  TEGNA has begun communicating benefits information to employees at those stations it expects to acquire from Nexstar, and Scripps will begin doing the same soon.  Our communications and HR teams have tried to anticipate as many of your questions as possible and have some answers ready.  Please take some time to review the attached Q&A document, which contains more details about what’s ahead.  The Q&A will also be posted on our intranet, TribLink, and you should feel free to contact your local HR representative for more information.

 We’ll continue to keep you updated on our progress in the days ahead.

 Thank you again,
Peter

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