Tribune terminated its deal with Sinclair last month, and filed a lawsuit arguing that the latter mishandled efforts to get the transaction approved by taking too long and being too aggressive in its dealings with regulators.
According to Reuters, Tribune is working with financial advisers Moelis & Co and Guggenheim Securities LLC to field interest from potential buyers, including rival Nexstar Media Group Inc and private equity firms, the sources. The discussions are at an early stage and no deal is certain, the sources added.
Based in Chicago, Tribune Media owns or operates 42 local television stations reaching approximately 50 million households. It also owns national entertainment cable network WGN America, whose reach is more than 77 million households, and a variety of digital applications and websites commanding 54 million monthly unique visitors online, according to its website.
The broadcast media sector has seen a flurry of merger talks amid expectations that the U.S. Federal Communications Commission (FCC) could relax restrictions on how many stations broadcasters can operate. The FCC has yet to vote on the matter.
Privately held Cox Enterprises Inc announced in July that it was exploring strategic options, including a potential sale, for the 14 broadcast TV stations it owns in cities such as Atlanta, Boston and Memphis. It has since hired two investment banks to handle the sale, sources have said.
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