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Investing.com-- Sinclair Inc (NASDAQ:SBGI) has offered to merge its local television station business with Tegna Inc (NYSE:TGNA), even as Tegna is in advanced talks to sell itself to rival Nexstar Media Group (NASDAQ:NXST), the Wall Street Journal reported on Monday, citing people familiar with the matter.
Sinclair’s proposal would involve separating its Ventures unit, which includes the Tennis Channel and other non-broadcast assets, and combining its broadcast TV operations with Tegna, the report said.
The deal would value Tegna shares at about $25 to $30 each, compared with its $20.18 close on Monday, the report added.
Tegna owns 64 stations in major U.S. markets and has been the subject of repeated takeover interest. Sinclair operates 178 stations across 78 markets but carries more than $4 billion of debt, potentially complicating a bid, the WSJ reported.
Nexstar, the country’s largest local broadcaster, owns or partners with more than 200 stations in 116 markets.