Tribune calls off $3.9B buyout by Sinclair

Share

Tribune pointed to the same problems that the FCC found in Sinclair's proposal to divest some stations in order to stay under federal ownership limits.

"In light of the FCC's unanimous decision, referring the issue of Sinclair's conduct for a hearing before an administrative law judge, our merger can not be completed within an acceptable timeframe, if ever", said Peter Kern, Tribune Media's Chief Executive Officer, in a release.

The $3.9 billion deal would have given Sinclair control of more than 200 local television stations broadcasting to 72 percent of the USA population, and the announcement of the proposed merger in May 2017 raised concerns about Sinclair's market dominance.

Subsequently, the FCC voted to subject Sinclair's divesture plan to a hearing before an administrative law judge, further delaying completion of the transaction.

In the merger agreement, Sinclair committed to use its reasonable best efforts to obtain regulatory approval as promptly as possible, including agreeing in advance to divest stations in certain markets as necessary or advisable for regulatory approval.

Georgia Envoy in Turkey Outlines Russian Ambition on Tabilisi
Ukrainian Deputy Prime Minister Pavlo Rozenko said: "All the responsibility [of the war] belongs to the Russian Federation". Georgia deployed troops to South Ossetia on the night of August 7-8, 2008, and tried to take control of the region.

"To maintain control over stations it was obligated to sell, Sinclair engaged in unnecessarily aggressive and protracted negotiations with the Department of Justice and the FCC over regulatory requirements", Tribune said. Sinclair has been scrutinized for its ties to the Trump administration.

The complaint seeks $1 billion from Sinclair to cover the "lost premium to Tribune's stockholders", plus "additional damages in an amount to be proven at trial".

The Maryland company said Thursday in a prepared statement that the Tribune lawsuit is "entirely without merit".

Tribune Media is a parent company of WGN-TV.

Hunt Valley, Md. -based Sinclair agreed to buy Tribune Media's 42 TV stations in May 2017, creating what would be the largest ownership group in the US, with 233 stations.

Auto bomb kills prominent rocket scientist in Syria
A Hamas rocket scientist was shot dead by gunmen in Malaysia in April and a drone engineer was killed in Tunisia in December 2016. He was killed by a auto bomb Saturday night in Masyaf, and Syria was quick to allege Israel's spy agency, Mossad, was behind it.

Under the terms of the deal, Tribune and Sinclair had the right to call off the merger without paying a termination fee if it was not completed by August 8.

The company is "open to all opportunities" in terms of industry consolidation or remaining independent, Tribune Media Chief Executive Officer Peter Kern told investors on a call on Thursday.

Sinclair has defended the decision to have its anchors read from the same script across the country as a way to distinguish its news shows from unreliable stories on social media.

Last month, however, FCC Chairman Ajit Pai said that he had "serious concerns" about the deal, saying that Sinclair might still be able to operate the stations "in practice, even if not in name".

The FCC's concerns followed similar questions raised in separate filings by the American Civil Liberties Union and conservative news outlet Newsmax Media.

Elliott holds off Truex at Watkins Glen
Rookie driver William Byron got his third top 10 finish of the season and it was also his second in the last two races. Elliott hasn't competed in any of NASCAR's national series since he drove in the July Cup race at Daytona in 2012.

Share