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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
Business

Ad Age reports [adage.com]:

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 [deadline.com]:

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 [wordpress.com] (PDF)

also at Reuters [reuters.com], Los Angeles Times [latimes.com] (archive link for readers in the EU [archive.org]), Baltimore Sun [baltimoresun.com] (archive link for readers in the EU [archive.org]), Media Matters [mediamatters.org] and CNBC [cnbc.com]

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


Original Submission