...NEW YORK (S&P Global Ratings) Dec. 3, 2018--S&P Global Ratings today said that Nexstar Media Group Inc.'s (##-/Stable/--) adjusted debt to average-eight-quarters EBITDA could temporarily increase to the 5.5x downgrade threshold in 2019 as a result of its proposed acquisition of Tribune Media Co. (##-/Stable/--) for $4.1 billion in cash (equivalent to $46.50 per share) plus the assumption of Tribune's debt (more than $2 billion outstanding). However, our ratings are not affected. We expect the transaction will be funded with cash on hand and incremental debt, causing leverage to increase from our current forecast of around 4x at year-end 2018. Still, we believe there is a credible path for meaningful leverage improvement within one year of closing to the 4.5x-5.5x bounds for the rating, supported by identified synergies, asset sale proceeds, and healthy cash flow generation. The company identified $160 million of synergies to be realized within one year of closing, $75 million of which will...
