Tribune Media said its shareholders overwhelmingly approved its acquisition by Nexstar Media Group, a $6.4 billion transaction that will create the largest TV station group in the country.
According to Tribune, more than 95% of the votes cast by its Class A and Class B shareholders were in favor of the deal, representing about 73% of its outstanding stock.
“We’re extremely pleased with today’s vote,” said Tribune CEO Peter Kern in a press release. “It confirms that our stockholders clearly recognize the significant value we expect to be delivered by this merger. We look forward to continuing our work with Nexstar to obtain the necessary regulatory approvals that will enable us to close this transaction later this year.”
Nexstar announced the deal in December. Tribune had originally agreed to be purchased by Sinclair Broadcast Group, but terminated that deal after Sinclair was unable to secure regulatory approval. The Nexstar-Tribune merger will create a station group powerhouse, with more than 200 stations covering about 39% of TV households in the U.S. Nexstar has said it will divest of some stations to comply with federal ownership rules.