Fox Corp. opted to back out from bidding for Nexstar Media Group Inc.'s television stations, Bloomberg News reported March 15, citing a source.
Instead of pushing for a deal with Nexstar, the 21st Century Fox Inc. unit decided to concentrate on procuring better terms for its current agreements with affiliate stations.
Fox has about 50 affiliate agreements with Nexstar that the latter would have to approve within 2020. The circumstance would allow Fox to get preferable terms, according to the report.
Following Fox's withdrawal, Nexstar is anticipated to look into offers of other bidders including, TEGNA Inc., E.W. Scripps Co. and Apollo Global Management LLC.
The move to sell its TV stations is connected with Nexstar's compliance to regulatory ownership limits in relation to its proposed deal to acquire Tribune Media Co. for $6.4 billion. Nexstar TV stations to be divested include WTKR-TV in Norfolk, Va., WGNT-TV in Portsmouth, Va. and WNEP-TV in Scranton-Wilkes Barre, Pa.