Sinclair has proposed separating its Ventures business—which houses nontraditional broadcast media assets including the Tennis Channel and investments—and merging its remaining broadcast TV business with Tegna, in a deal that would value Tegna shares at around $25 to $30 apiece, the people said.

U.S. television station owner Sinclair (SBGI) has reportedly offered to combine its broadcast TV business with rival operator Tegna (TGNA).