where the two companies maintained local marketing agreements. In order to prevent conflicts with newspaper cross-ownership restrictions (specifically, with Daily Press and The Morning Call), three stations involved in the acquisition – the Norfolk, Virginia duopoly of WTKR (channel 3) and WGNT (channel 27), and Scranton, Pennsylvania station WNEP-TV (channel 16) – were sold to Dreamcatcher Broadcasting and are operated by Tribune under shared services agreements (Tribune has an option to purchase WNEP after the publishing/broadcasting split, although such a transfer may be complicated by possible FCC action on a proposal to end a "discount" in television station ownership limits that count UHF stations to half a percentage to a group's overall market reach, which would put Tribune just over the current limit of 39%, under which the company's current station holdings after the Local TV purchase would be grandfathered). The Federal Communications Commission approved the acquisition on December 20, and the sale was completed one week later on December 27. On February 29, 2016, Tribune Media announced that it would review various "strategic alternatives" to increase the company's value to shareholders, which include a possible sale of the entire company and/or select assets, or the formation of programming alliances or strategic partnerships with other companies, due to the decrease in its stock price since the Tribune Publishing spin-off and a $385 million revenue write-down for the 2015 fiscal year, partly due to original scripted programming expenditures for WGN America since it converted the cable network from a superstation in 2014. With the FCC reinstating the "UHF discount" rule, reports surfaced in late April 2017 that multiple parties were attempting to make offers for Tribune, including Sinclair Broadcast Group, Nexstar Media Group, and a partnership between 21st Century Fox and Blackstone Group. On May 7, 2017, it was reported that Sinclair Broadcast Group was nearing a deal to purchase Tribune Media, and that 21st Century Fox had dropped its bid for the company. On May 8, 2017, Sinclair Broadcast Group officially announced its intent to acquire Tribune Media. The transaction would have been a cash-and-stock deal valuing the company at $3.9 billion. Depending on regulatory changes or decisions, some divestitures might have been required. However, on August 9, 2018, Tribune canceled the Sinclair deal. On November 14, 2018, it was reported that Nexstar was a leading bidder to acquire Tribune. On December 3, 2018, Nexstar announced its intent to merge