NEW YORK (AP) — Shares of Tribune Media are surging before the opening bell on reports that 21st Century Fox and Blackstone may make a joint takeover bid for the Chicago TV station operator.
The bid would apparently be an attempt to keep Sinclair Broadcast Group Inc., which is also rumored to be pursuing Tribune, from snatching up Tribune’s stakes in Food Network, WGN cable network and some local TV stations. Blackstone, a private equity firm, is said to be putting cash toward the offer, while Fox would contribute some of its stations, according to the reports.
Tribune and 21st Century Fox Inc. both declined to comment Monday. Blackstone didn’t immediately respond to a request for comment.
Shares of Tribune Media Co. jumped $1.94, or 5.3 percent, to $38.50 before the market opened.
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