Tribune calls off merger, blasts Sinclair for circumventing FCC rules

10 August, 2018, 08:46 | Author: Angelina Schmidt
  • Trump angry with FCC chair over Sinclair deal

Tribune Media Company is ending its troubled merger deal with Sinclair Broadcast Group, less than a month after federal regulators cited "serious concerns" about the plan.

The Chicago-based broadcaster also said it filed a suit against Sinclair, headquartered in Hunt Valley, for breach of contract.

In a surprise move in July, however, Pai said he had "serious concerns" and suggested Sinclair was trying to hide anticompetitive practices in its proposed purchase and divestiture of certain stations. "This uncertainty and delay would be detrimental to our company and our shareholders. and, by way of our lawsuit, intend to hold Sinclair accountable". The FCC moved to refer parts of the deal for review by an administrative law judge, effectively leaving it on life support.

The deal was worth $3.9 billion for Tribune Media and would have added more than 40 stations including KTLA in Los Angeles, WPIX in NY and WGN-TV in Chicago to Sinclairs list of local affiliates.

Super Smash Bros. Ultimate Limited Edition comes with a GameCube controller
Smashdown mode forces players to choose new characters, as each elimination removes previously selected fighters from the options. For instance, if you are playing a stage from The Legend of Zelda series, then you'll be able to pick any track from that series.

Nexstar Media Group (NXST.O) and Twenty-First Century Fox Inc (FOXA.O), partnering with private equity, had considering buying Tribune before Sinclair announced its deal and are likely bidders, analysts have said.

Tribune also said Sinclair refused to sell stations in the markets as required to obtain approval, and proposed aggressive divestment structures and related-party sales that were either rejected outright or posed a high risk of rejection and delay.

Tribune's reversal Thursday came after federal regulators questioned Sinclair's honesty last month and requested a hearing about the matter.

"We are extremely disappointed that after 15 months of trying to close the Tribune transaction, we are instead announcing its termination", said Sinclair CEO Chris Ripley.

''APC Senators got $1m each to impeach Saraki''
Acting President Yemi Osinbajo has fired the Director General of the Department of State Security, Lawal Daura . It is not clear if the meeting scheduled for Tuesday afternoon will still hold after today's turn of events.

The merger would have created one of the largest broadcasting companies in the US.

Sinclair Broadcast Group Inc. wanted the Chicago company's 42 TV stations and had agreed to dump nearly two dozen of its own to score approval by the Federal Communications Commission.

President Trump blasted the FCC for not approving the merger, writing in a tweet that Sinclair and Tribune together "would have been a great and much needed Conservative voice".

Free media advocacy groups cheered the demise of the deal.

NASCAR CEO Brian France charged with DWI in NY , police say
He hit a tree in 2006, also while driving a Lexus, and a witness said he "fell over his own feet" after he got out of the auto . This latest reported incident comes just after NASCAR was celebrating the first win of Elliott's career.

"While what has apparently killed this deal was Sinclair's pattern of deception at the FCC - a fact that should affect its future dealings at the Commission - the deal was bad on its own merits, and this latest development is good for consumers", said Phillip Berenbroick, senior policy counsel at the organization. "The American public and the American consumer do not need more media consolidation, and it's good that this deal is dead". Here, the WGN Radio sign appears on the side of Tribune Tower in downtown Chicago.

Recommended:



Popular

Twitter boss Jack Dorsey breaks silence on not banning Alex Jones
However, viewers are now flocking to Apple's app store as Infowars' content has yet to be removed from that platform. Jones is now being sued by the parents of Sandy Hook victims for claiming the 2012 mass school shooting was a hoax.

India vs England, 2nd Test Day 1 at Lord's, Highlights
The English summer was at its peak, the sun was beating down hard all this while but come the Test series and the clouds are out. The covers were up all the morning today and the toss was delayed and before the conditions could improve it started to drizzle.

Sen. Paul Invites Russian Lawmakers To Washington
Trump has invited Putin to D.C.as well. "We had general discussions about a lot of issues", Paul responded. Paul was one of the few Republicans who defended the president in the resulting backlash.

New NCAA Basketball Rule Allows Players To Return To School If Undrafted
Student-athletes can now take up to 15 official visits, which begins August 1 before their junior year. Among the changes is the reversal of a rule that has long separated amateur from pro athletes.

Long hitters poised to plunder soggy Bellerive at PGA Championship
I'm looking for 12 guys that will really accept the challenge ahead of us because it's been 25 years since we won in Europe'. At Wisconsin's Whistling Straits course, Day became the first major victor to finish with a 72-hole total of 20-under-par.

Parkland suspect told police about voice in head
Cruz told Curcio he had been scared to tell others about the voice. "I think you like the demon", the detective continued. Marjory Stoneman Douglas High School students spent the summer relaxing, working and some participated in internships.

Gates Admits Embezzling From Manafort, Helping Hide Fraud
Gates admitted that at Manafort's behest, they later created a loan agreement for Lyovochkin's payment, though no loan existed. Gates is the prosecution's star witness after he cut a plea deal this year and admitted two felony charges.

Nevada County Strike Team on the Mendocino Complex
Typically, temperatures dip and humidity rises overnight, giving fire crews a window to slow down the spread of the wildfires. Its intensity was so great at one point, that it generated a tornado-like fire storm - as well as its own weather system.

Elon Musk tweets he may take Tesla private and shares roar
Elon Musk is considering taking Tesla Inc private, the chief executive officer of the electric vehicle maker tweeted on Tuesday. But asked if he would take legal action against Musk over the allegation, Unsworth said: 'If it's what I think it is yes'.

Andy Murray pulls out of Citi Open quarter-final
Before the Citi Open began, Murray told reporters, "I'll have to see how the body responds to that". The top-seeded German is looking to become the first back-to-back victor of the hard-court U.S.