[20190222]IF11112_Nexstar Tribune合并：潜在的竞争问题.pdf

https:/crsreports.congress.gov Updated February 22, 2019Nexstar-Tribune Merger: Potential Competition IssuesOn December 3, 2018, Nexstar Media Group and Tribune Media Company announced a merger agreement that would create the largest broadcast television station owner in the United States. Nexstar values Tribune at approximately $6.4 billion. The proposed merger is subject to approval by both the Federal Communications Commission (FCC) and the Antitrust Division of the U.S. Department of Justice (DOJ). Because both companies already are large owners of broadcast stations, the proposed transaction raises policy issues with respect to whether the merged entity would violate limits on broadcast station ownership at the local or national levels and whether it would have excessive power over local advertising markets. The Two Companies Nexstar Nexstar Media Group owns, operates, programs, and/or provides sales and other services to 174 full-power television stations in 100 markets, reaching nearly 39% of all U.S. television households. Nexstar owns 138 stations, including 10 satellite stations that are used to extend the reach of other Nexstar stations. In addition, it operates, progra