Associated Press

NEW YORK

The Sinclair broadcasting company says it’s in talks with Tribune Media on how to overcome regulatory hurdles to its $3.9 billion deal to buy Tribune’s 42 TV stations.

The deadline for either party to walk away from the deal was midnight Wednesday.

Sinclair CEO Chris Ripley said Wednesday morning that the companies are working to find approaches that are best for the company, employees and shareholders. He made the comments as Sinclair reported quarterly financial results.

In July, Federal Communications Commission Chairman Ajit Pai raised concerns about the deal and ordered a hearing.

Although Sinclair has proposed selling some stations to address potential antitrust concerns, Pai said Sinclair might still be able to operate the stations “in practice, even if not in name.”