Sinclair ( SBGI ) shares were up 4% to $41.50, while Tribune (TRCO) rose 7.27% to $37.03. Both companies declined comment on the report. Many in the industry expect regulations on media ownership to lessen under the Trump administration and an FCC led by Republican Chairman Ajit Pai. "We definitely anticipate that more consolidation will happen, in fact we think it's a necessary activity within the industry," Sinclair CEO Christopher Ripley told investors last week on the company's earnings call. "We're quite optimistic about new leadership there and their plans to deregulate the industry." Follow USA TODAY reporter Mike Snider on Twitter: @MikeSnider.