Tribune backs out of $3.9 billion buyout by Sinclair

Sinclair Broadcast Group’s headquaters in Hunt Valley Md

Sinclair Broadcast Group’s headquaters in Hunt Valley Md

Tribune said in a statement Thursday that it has terminated its merger agreement with Sinclair, scuttling a $3.9 billion deal that would have given the broadcasting group an even broader reach into American living rooms.

The Sinclair Broadcast Group was its roots in the early 1970s, when Julian Sinclair Smith operated an FM radio station and a TV station in Baltimore. "Sinclair engaged in unnecessarily aggressive and protracted negotiation with the Department of Justice and the Federal Communications Commission".

"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 can not be completed within an acceptable timeframe, if ever", Tribune CEO Peter Kern said in a statement. On Thursday, Kern said that any further delays would hurt his company - so the Tribune board made a decision to spike the deal.

By filing a lawsuit against Sinclair, Kern said, Tribune intends to "hold Sinclair accountable".

No comment from Sinclair yet.

The surprising announcement comes just hours after Sinclair, on Wednesday, said merger talks were continuing. Some anxious it would use the broader platform to continue to push conservative views.

Sinclair is the nation's largest local broadcaster, reaching about 4 in 10 USA households through TV stations. "Millions of people spoke out against this deal, and that public pressure was instrumental in keeping the spotlight on Sinclair". The company, the largest owner of local television stations in the United States, has drawn attention recently for repeating claims by U.S President Donald Trump that traditional television and print publications offer "fake" or biased news.

Tribune Media is a parent company of WGN-TV.

The announcement brings an end to a merger that was thought to have a staunch champion in FCC Chairman Ajit Pai, whose tenure had been marked by a deregulatory agenda that had cleared out restrictions against consolidation in the media industry.

In suing Sinclair in Delaware's chancery court for breach of contract, however, Tribune echoed Pai's concerns.

"In the Merger Agreement, Sinclair committed to use its reasonable best efforts to obtain regulatory approval as promptly as possible, including agreeing in advance to divest stations in certain markets as necessary or advisable for regulatory approval", Tribune said in its announcement.

Notícias recomendadas

  • Perseid meteor shower peaks this weekend - here’s how to watch

    Perseid meteor shower peaks this weekend - here’s how to watch

    They should start whizzing across the sky before midnight, but the best displays will be in the hours before dawn. If you want to catch the Perseids in all their glory, a drive to the darkest place near your home should suffice.
    Celtic make improved McGinn bid to rival Villa

    Celtic make improved McGinn bid to rival Villa

    McGinn came through the ranks at St Mirren before going on to join Hibs in 2015 and has insisted that he can't wait for his debut. He played a key part in Hibs' promotion to the Scottish Premiership back in 2016/17 having won the Scottish Cup the year before.
    AHS issues air quality advisory for entire province

    AHS issues air quality advisory for entire province

    Some businesses are also being impacted by the combination of high temperatures and smoky conditions. Health officials say the air quality in the province is expected to vary over the next few days.
  • Chelsea complete loan signing of Real Madrid midfielder Mateo Kovacic

    Chelsea complete loan signing of Real Madrid midfielder Mateo Kovacic

    Kepa said he had spoken with Chelsea's Spanish contingent of players before joining the club and was given glowing reports about life at Stamford Bridge.
    Arrow: Season Seven; Ruby Rose Cast as Batwoman for Crossover Event

    Arrow: Season Seven; Ruby Rose Cast as Batwoman for Crossover Event

    I have nothing against Ruby Rose but I think they could do a better job to find someone who can match Kathy Kane better. If the Batwoman pilot is ordered to series, it will air sometime in 2019.
    Meteor shower in the Netherlands

    Meteor shower in the Netherlands

    If you decide to go shooting star spotting, don't forget to let your eyes adjust to the dark for about 15 to 20 minutes. Experts say we don't need anything special to watch the show, just clear skies and a location away from bright lights.
  • Ben Schwartz to Voice ‘Sonic the Hedgehog’ in Upcoming Movie

    Ben Schwartz to Voice ‘Sonic the Hedgehog’ in Upcoming Movie

    Moritz is producing with " Deadpool " director Tim Miller executive producing, along with Toby Ascher. Schwartz joins a cast that includes James Marsden , Tika Sumpter, and Jim Carrey .
    ‘Superman’ Actress Margot Kidder’s Cause of Death Released

    ‘Superman’ Actress Margot Kidder’s Cause of Death Released

    As it was previously reported, the police discovered Margot passed away on the 13th of May in her home in Livingston. But on a trip to NY she caught the acting bug, and after school she moved to Los Angeles to try her luck.
    Xiaomi Mi A2 launched in India for Rs 16,999

    Xiaomi Mi A2 launched in India for Rs 16,999

    For selfies, the device features a single 20MP Sony IMX376 sensor with f/2.2 aperture, 2.0μm pixels size, and soft LED flash. Riding on the success of the Mi A1 in India, the new phone also focuses on smooth software experience and camera prowess.
  • Manchester United make Diego Godin transfer enquiry

    Manchester United make Diego Godin transfer enquiry

    According to reports from Sky Sports , United have made contact with Atletico Madrid for the Uruguayan worldwide . Signing Godin at this late stage would be incredible business by United, but it is also highly hard .
    Jack Wilshere reveals Lucas Perez signing on Instagram

    Jack Wilshere reveals Lucas Perez signing on Instagram

    He left for Fiorentina on loan after that relegation and made that move permanent previous year . Arsenal striker Lucas Perez is closing on a move to Premier League side West Ham this week.
    PUBG Opens A Website Called

    PUBG Opens A Website Called "Fix PUBG"

    But developer PUBG Corporation hopes to change all that with a new initiative named, appropriately enough, " FIX PUBG ". But when that game is a competitive free-for-all, cheaters take a massive toll on the fun more honorable players have.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.