Sinclair Broadcast Group is buying Tribune Media for about $3.9 billion, boosting the number of local TV stations it owns.
Sinclair will own or operate more than 200 stations following the deal. Chicago-based Tribune owns or operates 42 television stations, including KTLA in Los Angeles and WPIX in New York, and it owns a stake in the Food Network.
Sinclair, based in Hunt Valley, Maryland, owns 173 stations around the country. It will pay $43.50 for each share of Tribune Media Co., an 8 percent premium from Tribune's closing price of $40.29 on Friday.