Under current FCC regulations, that won't fly. There's a cap on how much of the country one company's stations can reach 39 percent. Sinclair is just under that cap at 38 percent; Tribune has an FCC waiver and is over the cap at 44 percent.
There's overlap in the markets where the two companies own stations, but a combining the two station groups would be way over the 39 percent cap.
There's speculation that the limit will be relaxed under the Trump administration. However, there's no precedent for allowing one company to own two major broadcast network affiliates in the same market KUTV is a CBS affiliate; KSTU is a Fox affiliate.
Yes, KTVX-Ch. 4 (an ABC affiliate) and KUCW-Ch. 30 (a CW affiliate) share ownership, but The CW is not on a par with ABC, CBS, NBC and Fox.
Sinclair already owns KUTV, KJZZ and KMYU in Utah, and it's beyond belief that the FCC would approve Sinclair adding KSTU.
If Sinclair does end up buying all of Tribune and it may be interested in buying just parts that company it would have to sell KSTU to a third entity.
All of this is preliminary, Reuters is reporting, "and there is no certainty they will lead to any deal." Both companies declined to comment.