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An Anonymous Coward writes:

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

1. "Ad Age reports" - http://adage.com/article/media/tribune-withdraws-sinclair-merger/314554/
2. "Deadline reports" - https://deadline.com/2018/08/tribune-media-seeks-1-billion-in-lawsuit-against-sinclair-citing-spectacular-breach-of-contract-1202443053/
3. "Link to Tribune Media's complaint" - https://pmcdeadline2.files.wordpress.com/2018/08/complaint-for-damages-tribune-v-sinclair.pdf
4. "Reuters" - https://www.reuters.com/article/us-tribune-media-m-a-sinclair-ma/tribune-media-terminates-deal-to-be-bought-by-sinclair-idUSKBN1KU18Z
5. "Los Angeles Times" - http://www.latimes.com/business/hollywood/la-fi-ct-sinclair-tribune-20180809-story.html
6. "archive link for readers in the EU" - https://web.archive.org/web/20180809170048/http://www.latimes.com/business/hollywood/la-fi-ct-sinclair-tribune-20180809-story.html
7. "Baltimore Sun" - http://www.baltimoresun.com/business/bs-bz-tribune-sinclair-merger-ended-20180809-story.html
8. "archive link for readers in the EU" - https://web.archive.org/web/http://www.baltimoresun.com/business/bs-bz-tribune-sinclair-merger-ended-20180809-story.html
9. "Media Matters" - https://www.mediamatters.org/blog/2018/08/09/sinclair-s-plan-buy-tribune-media-stations-officially-dead-pro-trump-tv-giant-isn-t-going-anywhere/220948
10. "CNBC" - https://www.cnbc.com/2018/08/09/tribune-media-terminates-deal-to-be-bought-by-sinclair.html
11. "Trump Criticizes FCC for Moving to Block Sinclair-Tribune Merger " - https://soylentnews.org/article.pl?sid=18/08/03/0217251
12. "FCC Chairman Defends Decision to Refer Sinclair-Tribune Deal to Administrative Law Judge " - https://soylentnews.org/article.pl?sid=18/07/29/2122201
13. " FCC Reopens its Review, Solicits Public Comments on Sinclair-Tribune Merger Until 2018-07-12 " - https://soylentnews.org/article.pl?sid=18/05/23/0248237
14. "FCC Investigates Ajit Pai Over Corruption " - https://soylentnews.org/article.pl?sid=18/02/17/0023237
15. "FCC to Drop Main Studio Rule " - https://soylentnews.org/article.pl?sid=17/10/26/0219220
16. " Sinclair Broadcast Group to Buy Indebted Tribune Media for $3.9 Billion " - https://soylentnews.org/article.pl?sid=17/05/09/036235
17. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=28351

printed from SoylentNews, Tribune Media Withdraws from Sinclair Merger; Sues for $1 Billion on 2023-06-21 13:47:42