Rupert Murdoch’s 21st Century Fox is in talks with Blackstone, the private equity firm, to launch a joint bid for Tribune Media, which owns a portfolio of US television networks, according to two people familiar with the negotiations.
The two companies hope to trump a rival offer from Sinclair Broadcasting, another owner of US television networks. 21st Century Fox and Blackstone plan to form a joint venture to acquire Tribune, with Blackstone providing the cash and Fox putting in its own portfolio of stations.
Interest in owners of television stations has increased since the Federal Communications Commission recently voted to lift a cap on the number of stations companies can own.
21st Century Fox declined to comment and Blackstone could not immediately be reached.