Nexstar is acquiring Tribune for more than $4 billion in cash, making it the largest regional television operator in the country. Once adding debt to the mix, CNBC reports the value is worth $6.4 billion.
Nexstar is expected to pay $46.50 per share to complete the media sell-off.
This ends a difficult saga for Tribune, where just three months ago Sinclair Broadcasting had a nearly $4 billion pact in place, but regulatory minefields caused it to ultimately fall through.
The Nexstar deal is subject to approval by the Federal Communications Commission and needs a sign-off from Tribune shareholders.
The Irving, Texas, Nexstar is expected to take control of Tribune stations by the end of summer next year.
It remains to be seen how the takeover will impact programming and personnel at WPIX.