Twenty-First Century Fox in talks with Blackstone to buy Tribune

Twenty-First Century Fox is said to be in talks with Blackstone Group about submitting an offer to buy Tribune Media Co, one of the largest US television station operators.

Blackstone, the largest manager of private equity and real estate assets, would provide the cash, while Fox, the owner of Fox News Channel and other assets, would provide the TV stations for the joint venture, according to one of the sources. Another source, also speaking on condition of anonymity, said bids are due on Thursday.

Representatives for Tribune Media and Blackstone declined to comment. Fox could not immediately be reached for comment. The Financial Times first reported the negotiations.

Nexstar Media Group has also been carrying out due diligence on Tribune Media, and is weighing a bid this week, according to two sources. Nexstar could not immediately be reached for comment. Sinclair Broadcast Group Inc is also bidding for Tribune Media, Reuters reported in March.

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The potential bid from Blackstone and Fox comes less than two weeks after the US Federal Communications Commission voted to reverse a 2016 decision that limits the number of television stations some broadcasters can buy.

Reuters