January 17, 2019 | Media | North America | Ended

Tribune Media / Nexstar Media Group : A Different Approach to Sinclair

In acquiring Tribune Media, Nexstar Media Group is implementing a similar strategy to Tribune’s prior suitor, Sinclair Broadcast Group. While the pathway of the now failed Sinclair deal led to an acrimonious dispute with regulators over TV station divestitures, we provide evidence to support the view that Nexstar is undertaking a far less provocative stance with the Federal Communications Commission and Department of Justice. Nexstar has committed to divest at least 13 stations and is armed with a list of potential independent acquirers for these assets. Moreover, Nexstar is viewed as a less partisan acquirer.

Contents 1. Introduction and Overview 2. Role of the FCC in Broadcast Television 3. A Legitimate Path to Regulatory Clearance 4. Break Price Analysis 5. Risk Arbitrage Trading Thoughts (14 pages)

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