http://www.bizjournals.com/chicago/n...-sinclair.html
Tribune Media is sold to Sinclair in latest blow to Chicago's media industry
May 8, 2017, 10:21am CDT Updated May 8, 2017, 1:49pm CDT
Another sad chapter in the history of the rapidly dwindling Chicago media universe was written today.
Sinclair Broadcast Group, which is based in the Baltimore suburb of Hunt Valley, Maryland, said it has entered into an agreement to acquire Chicago-based Tribune Media (NYSE: TRCO) for $43.50 a share, or approximately $3.9 billion. Sinclair also will assume $2.7 billion in net debt.
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Tribune Media's deal comes in the immediate wake of the news late last week that Johnson Publishing, once another major part of the locally-based media scene with the Ebony and Jet titles among its holdings, is pulling up stakes in Chicago and moving what's left of its vastly-shrunken editorial operations to Los Angeles.
And tronc (NASDAQ: trnc), the former Tribune Publishing company famously headed by renegade media mogul Michael Ferro, already is based in Los Angeles for all intents and purposes.
And who knows how long it will be before tronc changes hands. Gannett may have lost the battle last year to acquire tronc. But tronc could still be a takeover target.