Tribune mid-day Monday trading of its stock was sharply up 6.1% to $38.76 on the news of a potential bid by Fox, along with investment banker Blackstone.
Previous reports suggested that the big independently owned TV station company Sinclair Broadcast Group has been interested in buying Tribune at a price in the high thirty-dollar-a-share range.
The Fox bid seems to contradict what Fox told analysts recently.
Todd Juenger, media analyst for Bernstein Research, said: “On the most recent Fox earnings call, management was asked if they would be interested in acquiring more TV stations, if that became possible. Management’s answer was short and to the point: ‘No’.”
Reports also suggest that Nexstar Media Group is eyeing Tribune.
Since a stock price $28.33 on January 26 of this year, Tribune Media has seen its stock price rise 37%.
In late February, Tribune announced it was pursuing “strategic and financial alternatives” to boost shareholder value. The Wall Street Journal says there is a Thursday deadline for bids on the company.