Tribune Media shareholders OK Sinclair takeover

Tribune Media Co. shareholders on Thursday approved the company’s takeover by Sinclair Broadcast Group.

More than 99 percent of votes cast during a special shareholders meeting were in favor of the sale, Tribune Media said in a news release.

“Today’s vote is an important milestone in the merger process and confirms that Tribune stockholders strongly support this transaction and the value it delivers,” said Peter Kern, Tribune Media CEO. “We look forward to continuing our work with Sinclair toward the closing of this deal.”

In May, the companies announced a $3.9 billion deal. Sinclair also will assume about $2.7 billion in debt.

Sinclair beat out Fox News owner 21st Century Fox and New York investment firm Blackstone for Tribune Media.

Tribune Media has 42 TV stations and WGN radio, and reaches more than 43 percent of the nation. Sinclair, headquartered in Baltimore, owns 173 stations and other properties such as the Tennis Channel and, according to TVNewsCheck.com, reaches more than 38 percent of the nation.