On Monday, shares of Tribune Media Co. are spiking, up about 5.6% in afternoon trading after reports surfaced that media giant 21^st Century Fox (FOXA Quick QuoteFOXA - Free Report) and private-equity firm Blackstone are in talks to make a joint takeover bid for the Chicago-based television station operator.

The Financial Times first reported the news on Sunday evening. According to sources familiar with the matter, 21^st Century Fox and Blackstone would form a joint venture in order to acquire Tribune. Blackstone would provide the cash needed for the acquisition, while Fox would add all of its television stations to venture.

The bid is apparently a way to hold off any moves from Sinclair Broadcast Group Inc., one of the largest television broadcasting companies in the country, which has been rumored for a while now to make a takeover bid for Tribune Media’s assets. Tribune owns or operates 42 TV stations throughout the U.S., including the national channel WGN America.

Rupert Murdoch’s 21^st Century Fox is currently in the middle of acquiring European pay-TV operator Sky. The deal was recently approved by the European Commission, though a report from British regulators on the bid has been postponed until after the upcoming U.K. general election.

Both TRCO and FOXA stocks sit at #3 (Hold) on the Zacks Rank.

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