Trump-Aligned Super PAC To Bid On Tribune Media

Tribune Media stock shot up on a report that the head of a super PAC allied with President Trump would bid on the company.

Tom Hicks Jr., chairman of the super PAC America First, which is aligned with President Trump, is expected to bid on Tribune Media, according to a report in the New York Post.

Tribune Media’s stock was up 1.5% to $38.16 in early Tuesday trading.

Hicks would be one of a number of expected suitors for Tribune Media, according to analysts, including TV station company Nexstar Media Group, as well as private-equity groups such as Apollo Global Management and Blackstone Group.

Tribune Media’s current market capitalization is $3.3 billion. Analysts expect an acquisition price for Tribune of an estimated $3.8 billion.

In July, the FCC blocked Sinclair Broadcast Group's $3.9 billion bid for Tribune Media. In August, Tribune Media sued Sinclair for $1 billion in damages.

Nexstar's stock was up 0.8% to $75.99 on Tuesday. Other TV station group stocks were also higher, with Sinclair rising 1.7% to $29.35 and Tegna adding 1.9% to $11.76.



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