A formal announcement is likely to be announced later today.

According to sources familiar with the matter at hand, Nexstar Media Group Inc has reached an agreement to acquire Tribune Media Co for around $4.1 billion. Once the deal comes through it will become the largest local U.S. TV station operator.

The move comes in the wake of Tribune’s $3.9 billion deal to sell itself to Sinclair Broadcast Group Inc which collapsed over regulatory hurdles.

The development sees Nexstar outbidding Apollo Global Management LLC, a private equity firm, with its all-cash offer which valued Tribune at around $46.50 per share, said three sources. On Friday, Tribune’s shares were seen trading at $40.26.

Nexstar has a market capitalization of $3.8 billion. Nexstar has lined up banks to provide debt financing for the deal.

The agreement between Tribune Media and Nexstar is likely to be announced later today.

Sources have preferred the cover of anonymity since the matter is confidential.

Apollo and Tribune declined to comment.

Sinclair and Nexstar did not immediately respond to requests for comment.

TV station deals are in the pipeline.

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