Irving-based Nexstar is offering to buy Chicago's Tribune Media for about $4 billion, four months after the collapse of a similar bid from Sinclair Broadcast Group.
The transaction has been approved by both companies boards of directors and is expected to close in the third quarter 2019.
The offer Monday would make Nexstar, whose stations reach nearly 39 percent of all U.S. television households, the biggest operator of local TV stations in the U.S.
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Tribune Media owns or operates 42 local TV stations that reach 50 million households, as well as the national network WGN. It also has a stake in the TV Food Network.
Nexstar will pay $46.50 per Tribune share. The companies value the transaction, which also includes debt, at $6.4 billion.
The deal is expected to close in the second half of 2019, if approved by regulators and shareholders.
Tribune's stock jumped nearly 10 percent early Monday.