Tribune Media Holding On To Substantial Gain After Initial Jump

(RTTNews) - After gapping open sharply higher, shares of Tribune Media Co. (TRCO) continue to see substantial strength in late-day trading on Monday. Tribune is currently up by 11.5 percent after reaching its best intraday level in over three years.

The initial jump by Tribune came after the media conglomerate agreed to be acquired by Nextstar Media Group (NXST) for $46.50 per share in cash.

The transaction, which is valued at $6.4 billion including the assumption of Tribune Media's outstanding debt, reflects a 15.5 percent premium for Tribune Media shareholders based on its closing price last Friday.