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Thu Aug 9, 2018, 06:35 AM

UPDATE: Tribune withdraws from Sinclair merger, saying it will sue for 'breach of contract'

Last edited Thu Aug 9, 2018, 07:14 AM - Edit history (1)

Source: Washington Post

Tribune Media said Thursday that it would withdraw from its $3.9 billion merger with Sinclair Broadcast Group, adding it would sue Sinclair for “breach of contract” over its failed negotiations with regulators over the deal.

The breakdown of the deal reflects a stunning reversal of fortunes for Sinclair, which had confidently announced the tie-up last year as a “transformational” event and the biggest acquisition in its history.

But it began to stumble last month after the Federal Communications Commission raised “serious concerns” about the deal, which originally would have reached roughly 70 percent of U.S. households.

“In light of the FCC’s unanimous decision, referring the issue of Sinclair’s conduct for a hearing before an administrative law judge, our merger cannot be completed within an acceptable time frame, if ever,” said Peter Kern, Tribune’s chief executive officer, in a statement Thursday. “This uncertainty and delay would be detrimental to our company and our shareholders. Accordingly, we have exercised our right to terminate the Merger Agreement, and, by way of our lawsuit, intend to hold Sinclair accountable. ” Sinclair did not immediately respond to a request for comment.

Read more: https://www.washingtonpost.com/technology/2018/08/09/tribune-withdraws-sinclair-merger-saying-it-will-sue-breach-contract/?utm_term=.bb54b62684fc



Original headline & article -

Tribune withdraws from Sinclair's $3.9 billion media merger plan

by Washington Post Staff August 9 at 6:33 AM

The move comes after the Federal Communications Commission raised “serious concerns” about the deal which originally would have reached roughly 70 percent of U.S. households.

This is a developing story. It will be updated.

https://www.washingtonpost.com/news/business/wp/2018/08/09/tribune-withdraws-from-sinclairs-3-9-billion-media-merger-plan/?utm_term=.e6d5fc2cb8c0

11 replies, 1586 views

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Reply UPDATE: Tribune withdraws from Sinclair merger, saying it will sue for 'breach of contract' (Original post)
BumRushDaShow Aug 9 OP
bucolic_frolic Aug 9 #1
Achilleaze Aug 9 #2
secondwind Aug 9 #3
Squinch Aug 9 #4
Gothmog Aug 9 #5
Guy Whitey Corngood Aug 9 #6
BumRushDaShow Aug 9 #8
onenote Aug 9 #9
infullview Aug 9 #7
calimary Aug 9 #10
GoCubsGo Aug 9 #11

Response to BumRushDaShow (Original post)

Thu Aug 9, 2018, 07:27 AM

1. Corporate Jaws

Shark attack!!

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Response to BumRushDaShow (Original post)

Thu Aug 9, 2018, 07:30 AM

2. SINclair is infested with "republican family values"

so who the hell would want to do business with them? The kremilin, of course, but no one with America's best interests at heart.

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Response to BumRushDaShow (Original post)

Thu Aug 9, 2018, 07:31 AM

3. Jared must be having a big sad 😞 now.

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Response to secondwind (Reply #3)

Thu Aug 9, 2018, 08:07 AM

4. Not to worry. Qatar will bail him out of any financial jam this causes.

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Response to BumRushDaShow (Original post)

Thu Aug 9, 2018, 09:00 AM

5. Yeah

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Response to BumRushDaShow (Original post)

Thu Aug 9, 2018, 09:12 AM

6. Something else must be up here. Since when does this FCC have "serious concerns" about power

and wealth concentration and fucking over the public at large?

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Response to Guy Whitey Corngood (Reply #6)

Thu Aug 9, 2018, 10:37 AM

8. Only when they don't get a cut. nt

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Response to Guy Whitey Corngood (Reply #6)

Thu Aug 9, 2018, 11:00 AM

9. The FCC's action was not based on concerns about power and wealth concentration

It was based on a lack of candor on Sinclair's part in describing aspects of the transaction. The FCC may not mind if companies lie to the American public, but they always get pissed when companies lie to them.

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Response to BumRushDaShow (Original post)

Thu Aug 9, 2018, 09:23 AM

7. Some good news for a change!

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Response to infullview (Reply #7)

Thu Aug 9, 2018, 04:00 PM

10. No freakin' kidding!!!

ONE of those is bad enough!

I’ve been holding my breath on this one. The VERY LAST thing we need is a Pox Noise 2.0. Which is what Sinclair had in mind. Growing itself to a bigger list of affiliates (including LA’s leading independent TV station Channel 5).

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Response to BumRushDaShow (Original post)

Thu Aug 9, 2018, 04:01 PM

11. Great news! But...

We still need to keep our eye on them. Sinclair, and their attempts at media monopoly are not going away any time soon.

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