Besides Sinclair, Twenty-First Century Fox (FOX) and Nexstar Media Group (NXST) had also considered an acquisition of Tribune, Reuters has reported. The announcement of the deal comes weeks after the U.S. Federal Communications Commission voted to reverse a 2016 decision that limits broadcasters owning stations serving no more than 39% of U.S. television households. A combined Tribune and Sinclair could surpass this cap and face some regulatory challenges which could result in divestitures, analysts said. J.P. Morgan Securities (JPM) is Sinclair's exclusive financial adviser, while Moelis & Co and Guggenheim Securities is advising Tribune.