Sinclair Inc., one of the largest owners of television stations in the US, has offered to combine its broadcast TV business with rival operator Tegna Inc., according to a person with knowledge of the matter.

The broadcaster, based in Hunt Valley, Maryland, has proposed a deal that values Tegna at $25 to $30 a share, the Wall Street Journal reported earlier, citing people familiar with the matter. Tegna has been engaged in advanced merger talks with Nexstar Group Inc., another major station owner.

Sinclair announced last week that it’s undertaking a strategic review that could result in sale or breakup of the company. Sinclair and Tegna declined to comment.

Station owners are reacting to legal and regulatory changes that may facilitate mergers once considered unlikely. The Federal Communications Commission is rethinking a cap on how large station owners can become. And in July, an appeals court overturned the so-called “top four” rule, which bars a station owner from possessing two of the four top stations in a single market.

Shares of Tysons, Virginia-based Tegna, which has 64 stations, fell 1.7% to $20.18 Monday in New York. Sinclair, which has 178 stations, fell 3% to $13.76. Irving, Texas-based Nexstar, with more than 200 owned or partner stations in the US, was little changed at $206.38.

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