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posted by martyb on Friday August 10 2018, @10:47AM   Printer-friendly
from the price-of-bad-faith dept.

Ad Age reports:

Tribune announced its withdrawal from the $3.9 billion transaction in a[n] emailed statement Thursday. Tribune said it has filed a lawsuit in the Delaware Chancery Court against Sinclair seeking compensation for losses incurred as a result of "Sinclair's material breaches" of the merger agreement.

[...] The FCC order asked whether Sinclair was in fact the hidden buyer in a proposal to sell Chicago's WGN-TV to a Maryland automobile executive with no prior broadcast experience, and ties to Sinclair management. The agency also questioned links between the Maryland-based broadcaster and a buyer proposed for stations in Dallas and Houston.

Deadline reports:

Tribune Media released details of its lawsuit against Sinclair Broadcast Group. saying it is seeking $1 billion from the local TV station owner due to its "belligerent and unnecessarily protracted negotiations" with regulators, which it says doomed the $3.9 billion deal.

Link to Tribune Media's complaint (PDF)

Also at: Reuters, Los Angeles Times (archive link for readers in the EU), Baltimore Sun (archive link for readers in the EU), Media Matters and CNBC

Previously:
Trump Criticizes FCC for Moving to Block Sinclair-Tribune Merger
FCC Chairman Defends Decision to Refer Sinclair-Tribune Deal to Administrative Law Judge
FCC Reopens its Review, Solicits Public Comments on Sinclair-Tribune Merger Until 2018-07-12
FCC Investigates Ajit Pai Over Corruption
FCC to Drop Main Studio Rule
Sinclair Broadcast Group to Buy Indebted Tribune Media for $3.9 Billion


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  • (Score: 5, Funny) by bob_super on Friday August 10 2018, @05:22PM

    by bob_super (1357) on Friday August 10 2018, @05:22PM (#719986)

    Can't wait until uncomfortable anchors nationwide have to read a bad script about the threat to civilization represented by descendants of immigrants, like Ajit Pai.
    He probably had Verizon cleaners check his closets for skeletons, before that vote.

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