In 2007, investors bought the company, taking on substantial debt. The subsequent 2008 bankruptcy of Tribune Company was the largest bankruptcy in the history of the American media industry. In December 2012 the Tribune Co. emerged from bankruptcy. Tribune announced its sale to Hunt Valley, Maryland-based Sinclair Broadcast Group on May 8, 2017, but on August 9, 2018, Tribune cancelled the sale and sued Sinclair for breach of contract. On December 3, 2018, Nexstar Media Group announced that it would merge with Tribune Media for $4.1 billion. The largest broadcast merger in U.S. history was approved in 2019.