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The Wall Street Journal: Sinclair closes in on $4 billion deal to buy Tribune Media

TV station giant Sinclair Broadcast Group Inc. is close to a deal to acquire Tribune Media Co. for close to $4 billion, a person familiar with the matter said.

The agreement, which could be announced as early as this week, would combine two of the nation’s biggest operators of local television stations and comes just weeks after the Federal Communications Commission relaxed its television ownership rules, paving the way for more deals in the industry.

For Sinclair SBGI, +0.54% , an acquisition of Tribune would cement its status as the most powerful U.S. station owner. It already has 173 television stations in midsize and small markets.

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