Rupert Murdoch's 21st Century Fox is reportedly in talks with private equity firm, Blackstone, to launch a joint takeover bid for Tribune Media.
The takeover bid for one of the largest television operators in the US would see Blackstone provide funds and 21st Century Fox would provide TV stations.
According to reports in the Guardian, Fox and Blackstone will submit the bids on Thursday (4 May) and will hope to trump a rival bid from Sinclair Broadcasting, the largest owner of US television stations.
Murdoch's interest in Tribune Media is partially intended to prevent Sinclair from buying the company and expanding its network of station, a move which would then give it significant leverage in carriage negotiations with Fox.
If Fox is successful in its takeover attempt the additional TV stations would allow it to exploit sports rights deals with the NFL.
The interest in Tribune comes as Fox awaits regulatory approval for its £11.7bn bid for the shares it does not already own in Sky.