Tribune Media jumped 5.6 percent following reports that 21st Century Fox and Blackstone may make an offer for the company.
Todd Juenger, media analyst for Bernstein Research, said: "On the most recent Fox earnings call, management was asked if they would be interested in acquiring more TV stations, if that became possible".
Neither Fox nor Blackstone have commented. Fox could not immediately be reached for comment.
The notion of Fox making a large media asset acquisition comes at an already busy time for CEO James Murdoch along with his brother Lachlan and father, Rupert, who share the title of executive chairman.
The 21st Century Fox logo is seen outside the News Corporation headquarters in Manhattan, New York, U.S., April 29, 2016.
The Fox bid seems to contradict what Fox told analysts recently. Adding Tribune would give 21st Century Fox control over more local TV stations, a lot of them in major cities.
The potential bid from Blackstone and Fox comes less than two weeks after the USA federal communications commission voted to reverse a 2016 decision that limited the number of television stations some broadcasters can buy.
The FCC recently reinstated the UHF discount, which allows broadcasters to count UHF stations at 50% toward the ownership cap, which limits broadcasters' nationwide audience reach to 39%. "I hate [to comment] on future speculation and hypotheticals, but I think you can rest easy there".
Meanwhile, Sinclair has stayed busy by buying Bonten Media's 14 TV stations.
But the Murdochs love to do deals.