from the 4th-estate-becoming-a-plantation dept.
Nexstar buys Tribune in $4.1 billion deal
Nexstar Media Group announced Monday it will buy Tribune's 42 television stations and cable network in an all-cash $4.1 billion deal. The merger will form the nation's largest TV station company. Tribune's stock (TRCO) is surging 10% in premarket trading.
[...] The sheer size of Nexstar will massively enlarge the Texas-based media company. If approved, the combined company will own more than 200 TV stations and cover 39% of US households.
Nexstar will now gain a foothold in major markets, including New York, Los Angeles and Chicago for the first time, plus a cable channel (WGN America) and a 31% stake in the Food Network.
See also: ACA: Without Conditions, Nexstar-Tribune Should Be Nixed
Nexstar, Tribune TV deal poses test for Trump regulators
Nexstar Attracts Interest for Stations Sale That's Part of Tribune Deal
Previously: FCC Reopens its Review, Solicits Public Comments on Sinclair-Tribune Merger Until 2018-07-12
FCC Chairman Defends Decision to Refer Sinclair-Tribune Deal to Administrative Law Judge
Trump Criticizes FCC for Moving to Block Sinclair-Tribune Merger
Tribune Media Withdraws from Sinclair Merger; Sues for $1 Billion
Related Stories
The Hill reports that the FCC will take public comments on Sinclair-Tribune merger until July 12th of this year. Sinclair stations currently reach 40% of US households and with the merger that would increase to 72%.
The Federal Communications Commission (FCC) will take new comments from the public on Sinclair Broadcast Group’s $3.9 billion bid for Tribune Media.
The agency is reopening its review of the merger for public comments after the two companies proposed to sell off some local stations in an effort to bring the deal in line with media ownership restrictions.
The public will have until July 12 to weigh in on the docket.
Also at Reuters: FCC seeks new comments on proposed Sinclair Tribune merger.
Earlier on SN: Sinclair Broadcast Group to Buy Indebted Tribune Media for $3.9 Billion (2017)
Deadline reports:
FCC Chairman Ajit Pai [...] defended his decision to refer Sinclair Broadcast Group's proposed $3.9 billion acquisition of Tribune Media to an administrative law judge for review.
[...] Central to the review is how Sinclair presented its plans to divest stations in Chicago, Dallas and Houston in order [to] gain regulatory approval. Those so-called "sidecar" deals could enable Sinclair to effectively continue operating the stations, Pai [link removed] said, in violation of federal rules.
The Washington Post (archive link) reports:
President Trump came to the defense of Sinclair Broadcast Group's proposed merger with Tribune Media, days after the Federal Communications Commission raised "serious concerns" about the deal and began legal proceedings to challenge it on grounds the companies had misled regulators.
Trump said Tuesday that it was "So sad and unfair" that the FCC, an independent agency, did not approve the merger, a $3.9 billion transaction that would create a conservative television giant that originally hoped to reach roughly 70 percent of U.S. households.
In his tweet, the president stressed how the deal would provide a "conservative voice for and of the People," though politics are not supposed to factor into merger considerations.
"Liberal Fake News NBC and Comcast gets approved, much bigger, but not Sinclair. Disgraceful!" the president tweeted.
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.
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.
(Score: 2, Interesting) by realDonaldTrump on Thursday December 06 2018, @04:08PM
And they say everything in Texas is huge. Right? This will be a huge one, folks. One of the greats -- if we approve. So sad and unfair that the FCC wouldn't approve the Sinclair Broadcast merger with Tribune. They sent that one to the Administrative Law Judge. After approving much bigger Fake News NBC & Comcast. Need much better people at FCC!!!
(Score: 0) by Anonymous Coward on Thursday December 06 2018, @04:25PM (1 child)
tv?
(Score: 3, Touché) by takyon on Thursday December 06 2018, @04:30PM
That local news thing you stream on Kodi.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 1, Touché) by Anonymous Coward on Thursday December 06 2018, @05:26PM (1 child)
Radio with pictures.
Unlike radio, which I can still receive on my 1952 Hallicrafters SX-43 receiver
they were able to change to an incompatible,
compressed, DRM'ed channel-multiplexed format providing more content
no one gives a shit about.
It is now circling the bowl.
(Score: 0) by Anonymous Coward on Thursday December 06 2018, @05:37PM
If you are talking about cable or satellite, sure, all of that applies. But for broadcast TV the digital switch did not introduce any DRM.
(Score: 5, Insightful) by ilsa on Thursday December 06 2018, @07:43PM (3 children)
I don't understand why these media companies are being allowed to grow so large. Hasn't Murdock taught enough of a lesson of the dangers of media conglomerates?
(Score: 3, Interesting) by realDonaldTrump on Friday December 07 2018, @10:04AM (2 children)
1996. My friend Bill Clinton said, "oh, let's grow the economy!" Like a plant. By the way, marijuana, in those days, was totally illegal. He saw that we had too many TINY companies -- not efficient. Too much competition was keeping them from growing. So he signed Telecommunications Act. The companies grew tremendously. And they're growing even faster now. Because of me. Because I cut their taxes MASSIVELY. And I'm working very hard to make sure our great companies can compete globally.
While CNN doesn’t do great in the United States based on ratings, outside of the U.S., they have very little competition. Throughout the world, CNN has a powerful voice portraying the United States in an unfair and false way. Something has to be done, including the possibility of the United States starting our own Worldwide Network to show the World the way we really are, GREAT!
(Score: 2) by Runaway1956 on Friday December 07 2018, @03:10PM (1 child)
You've posted some stupid shit here. None of us are real sure how much of that stupid shit you intended to be taken seriously. But, THIS is purely moronic. Please, give it a break.
(Score: 3, Interesting) by realDonaldTrump on Friday December 07 2018, @06:08PM
Our amazing Farmers are so happy they voted for me. They are so lucky that I gave them that privilege. Because we are streamlining regulations that have blocked cutting edge biotechnology, setting free our farmers to innovate, thrive and to grow. But, they don't want to grow weeds. They can grow weeds, or they can grow their delicious Crop. Competition, it's very bad for our plants. So they put the Weed Killer. The Roundup, the Dicamba -- so many more. To kill those HORRIBLE weeds, so important. As everybody knows. And Bill saw that our Media Companies are like those plants. Too many little Companies choking out the big, beautiful ones. Until Bill fixed that one. Thank you, Bill!!!!