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+---- Thread: Tribune Media Terminates Sale to Sinclair Broadcasting (/thread-855044.html)
Tribune Media Terminates Sale to Sinclair Broadcasting - Attackcoog - 08-09-2018 12:13 PM
It appears the anticipated Sinclair purchase of Tribune Broadcasting is dead. From a college TV standpoint---the effect of the dead deal is that the expected entry of "Stadium" into a number of major markets is not as imminent as many thought.
Sinclair Broadcast Group’s proposed $3.9-billion deal to acquire Tribune Media is dead.
Tribune announced Thursday that it is terminating the merger agreement. The companies had the option to kill the sale if it had not closed by Aug. 8. The deal was first announced in May 2017.
Tribune also said it filed a breach-of-contract lawsuit against Sinclair in Delaware Chancery Court, claiming the company failed to live up to its commitment to make its best effort at getting regulatory approval of the sale. Tribune is seeking $1 billion in damages.
“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 cannot be completed within an acceptable timeframe, if ever,” Tribune Media Chief Executive Peter Kern said in a statement. “This uncertainty and delay would be detrimental to our company and our shareholders. Accordingly, we have exercised our right to terminate the merger agreement, and, by way of our lawsuit, intend to hold Sinclair accountable.”
http://www.latimes.com/business/hollywood/la-fi-ct-sinclair-tribune-20180809-story.html