Fox, Blackstone Consider Joint Bid For Tribune Media

(RTTNews) - Twenty-First Century Fox Inc. (FOX, FOXA) is teaming with Blackstone Group LP (BX) to make an offer to acquire TV-station owner Tribune Media Co. (TRCO), rivaling a planned bid by Sinclair Broadcast Group Inc., according to reports citing people familiar with the matter.

The reports noted that the two sides are in talks about a deal ahead of a deadline this week for final bids. No agreement has yet been reached and talks may still fall apart.

Fox has been approached in recent weeks about backing an alternative to a takeover by Hunt Valley, Maryland-based Sinclair. which has been looking to acquire Chicago-based Tribune for a price said to be in the high-$30s a share.

Sinclair has been looking to finalize a deal by the time Tribune reports first-quarter earnings, which it's slated to do during the week of May 8.