CLEVELAND, Ohio — The question of who will end up owning Cleveland Fox affiliate WJW Channel 8 should be settled soon, but “soon” could mean a couple of days, weeks or months. The key is how fast government regulatory agencies will move on necessary approvals, and that is never easy to predict.
Channel 8 is one of 42 Tribune Media stations that the Nexstar Media Group is purchasing in a deal valued at $6.4 billion. If approved by the Department of Justice and the Federal Communications Commission, the acquisition announced in early December will make the Texas-based Nexstar the country’s largest owner of TV stations.
Tribune has owned Channel 8 since 2013. Nexstar, which gradually has built a media empire by purchasing small groups of stations, offered $4.1 billion in cash to buy the Chicago-based Tribune Media Group stations. The $6.4 billion figure includes the assumption of Tribune Media debt.
The deal will bring Nexstar’s total to 216 stations in 118 markets, reaching 39 percent of U.S. television households. It will leapfrog ahead of the Maryland-based Sinclair Broadcast Group, which tried and failed to win government approval for buying the Tribune stations. It also will give Nexstar stations in eight of the nation’s top 10 TV markets, including New York, Los Angeles and Chicago.