Their joint bid comes in less than 2 weeks after the U.S. Federal Communications Commission voted to lift the 2016 limit on the number of television stations broadcasters can buy.
Sources familiar with the matter at hand have disclosed that Twenty-First Century Fox Inc is negotiating with the Blackstone Group to acquire Tribune Media Co, one of the largest U.S. television station operators.
Sources reveal while Blackstone would table the moolah, Fox, the owner of Fox News Channel and other assets, would provide the TV stations for the joint venture.
As per another source, bids for the acquisition are due on Thursday.
All sources have agreed to speak on the condition of anonymity only.
Representatives for Blackstone and Tribune Media declined to comment while Fox’s spokesperson could not be immediately reached for comment.
The other bidders include, the Nexstar Media Group Inc and Sinclair Broadcast Group Inc. While Nexstar Media has been carrying out due diligence on Tribune Media it is set to weigh its bid for later this week, said two sources.
Nexstar could not immediately be reached for comment.
The bid from Fox and Blackstone comes in the wake of the U.S. Federal Communications Commission voting to lift the 2016 limit on the number of television stations broadcasters can buy.