Stories
Slash Boxes
Comments

SoylentNews is people

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


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 2, Offtopic) by realDonaldTrump on Friday August 10 2018, @06:02PM

    by realDonaldTrump (6614) on Friday August 10 2018, @06:02PM (#720009) Homepage Journal

    Horrible and very 'cowardly' way to stop the merger. Ajit didn't tell them "no," he sent them to a Judge. So they could spend YEARS in Court. Pathetic! He didn't tell me he would do this. Absolutely did not tell me, not the tiniest hint. People tell me he's Indian. Indian American. Well, he doesn't look Indian to me. But can we call him Chief Two Face? Why not!!!

    Starting Score:    1  point
    Moderation   0  
       Offtopic=1, Underrated=1, Total=2
    Extra 'Offtopic' Modifier   0  
    Karma-Bonus Modifier   +1  

    Total Score:   2