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Tribune Media withdraws from Sinclair merger; sues for $1 billion

Accepted submission by Anonymous Coward at 2018-08-09 19:12:45

Ad Age reports []:

Tribune announced its withdrawal from the $3.9 billion transaction in a 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 []

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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