TV station owner Sinclair Broadcast Group said it would buy Tribune Media for about $3.9 billion.

The agreement will combine two of the nation's biggest operators of local television stations and comes just weeks after the Federal Communications Commission relaxed its television ownership rules, paving the way for more deals in the industry.

The deal values Tribune Media at $43.50 a share, an 8% premium to Tribune's $40.29 closing price Friday and a 26% premium over the price in February, before reports of a deal first surfaced.

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