Robservations: Nexstar to acquire WGN in Tribune Media deal

WGN TV

Robservations on the media beat:

Nexstar Media Group

And the winner of Tribune Media is: Nexstar Media Group. In a $6.4 billion deal announced Monday, the Irving, Texas-based firm agreed to buy the parent company of "Chicago's Very Own" WGN-Channel 9, CLTV and WGN 720-AM along with TV stations in 41 other markets. Nexstar currently owns 174 stations across the country. It's expected to take several months to complete the transaction, which will require approval of federal regulators and the divestiture of some stations to comply with ownership limits. The agreement for Tribune Media comes four months after the collapse of a $3.9 billion deal with Sinclair Broadcast Group, which ran afoul of the FCC. Incidental info: Chicagoan Dennis FitzSimons, former chairman and CEO of Tribune Co. (and a former vice president and general manager of WGN), is on Nexstar's board of directors. Continue reading