Tribune Media withdraws from Sinclair merger, sues for $1 billion
09 August, 2018, 21:18 | Author: Cecil Buchanan
Tribune filed the lawsuit against Sinclair, the largest USA broadcast station owner, alleging material breach of contract over its failure to win over regulators 15 months after the merger was first announced. The company already owned 173 stations in 81 markets.
"In light of (the FCC order), this transaction can not be completed within an acceptable time frame, if ever", Kern said.
The $3.9 billion buyout of Tribune Media by Sinclair collapsed Thursday, ending a bid to create a massive media juggernaut that could have rivaled the reach of Fox News.
Sinclair had proposed some revisions to its divesture plan last month, but those terms left Sinclair in control of stations under scrutiny, including in Chicago. The reason Tribune has filed suit is that Sinclair agreed to use "best reasonable efforts" to make the sale happen by pursuing the sell off of some of its own stations.
Pai´s statement raising questions about whether Sinclair would continue to control some of the stations it proposes to divest followed similar questions raised in separate filings by the American Civil Liberties Union and conservative news outlet Newsmax Media.
Green Bay Packers: 3 possible trades to acquire Khalil Mack
From this standpoint, it is essential for the Raiders to bring back top value for Mack if they do in fact decide to trade him. Remember, Cooper shares an agent with Mack, so we should probably be prepared for another offseason merry-go-round in 2019.
Samsung Galaxy Note 9 launch live
While the Samsung Galaxy Note 9 isn't as exciting as the Note 8, it's still a very, very refined and capable flagship smartphone. Last year, the Galaxy Note 8 started at $930 and smashed through the psychological barrier of $1,000 in its top configuration.
Tribune seeks about $1 billion of lost premium to Tribune's stockholders and additional damages in an amount to be proven at trial, according to a copy of the lawsuit filed in Delaware.
Sinclair did not immediately respond to requests for comment.
The FCC recently sent the deal to an administrative law judge for a closer look because of concerns that Sinclair misrepresented facts in its application in order to circumvent the FCC's ownership rules.
The two companies had until midnight Wednesday to call off their deal. It announced plans a year ago to merge with Chicago-based Tribune, a deal that would have given Sinclair access to 72 percent of American households. It also said the $60 million purchase price for Tribune's WGN-TV in Chicago "appeared to be significantly below market value". "Accordingly, we have exercised our right to terminate the Merger Agreement, and, by way of our lawsuit, intend to hold Sinclair accountable", said Tribune CEO Peter Kern in the release.
Ajit Pai, the Republican FCC chairman appointed by President Donald Trump, abruptly flagged "serious concerns" about the divestitures of stations by Sinclair and referred the case to an administrative law judge, effectively killing the deal.
Sinclair has defended the decision to have its anchors read from the same script across the country as a way to distinguish its news shows from unreliable stories on social media.
In a separate tweet, Karan Johar acknowledged the film's writers and wrote: "Writers are the heartbeat and the soul of the film". Scheduled for a 2020 release , Takht's screenplay is by Sumit Roy and the dialogues of the film are written by Hussain Haidry.
When asked what milestone she would like to achieve next, Priyanka said that she would love to play a man. Priyanka and Nick have been in touch post the 2017 MET Gala and have been linked romantically since May.
However, technology experts are not much in favor of mobile voting and have even called it a " horrific idea ". Like Hall, Schneider expressed concern that changes to a ballot could occur during transit.
The three admissions came in the midst of an internal investigation ordered by the government, The Associated Press reported . Numerous automakers, already hit by lackluster sales, have also been under pressure from U.S.
The latest gen Civic Type R is the sportiest avatar of the Civic and is only sold in hatchback form globally. It completes Honda's "Type R Challenge 2018", cementing itself as the benchmark in its respective category.
Cutshaw was jailed on charges including drunken driving, speeding, and marijuana possession; based in part on her own statements. It's not that she allegedly blew through a stop sign at 60 miles an hour that's making headlines.
The 25-year-old began his career at Benfica, with his career highlight being a European Championship win with Portugal in 2016. Everton have reportedly completed the deal to sign Yerry Mina from Barcelona pending a medical at Finch Farm tomorrow.
'The Flash' Fans Defend Grant Gustin Against Body Shamers
I'm happy with my body and who I am and other kids who are built like me should be able to feel the same way", Grant continued. And for what it's worth, we just can't wait to see what fantastic upgrades Barry is going to get with his season 5 suit.
New WhatsApp bug allows hackers to break into your chats
Combined with other flaws, the vulnerability allows cyber criminals to impersonate you by taking control of your WhatsApp account. In a bid to curb fake news menace in India, Facebook Inc's WhatsApp officially rolled out forward message limit on Wednesday.
Yemen war: 'Children killed' in bus attack
Children have been killed or wounded in an attack on a bus in northern Yemen, the International Committee of the Red Cross says. Why is there a war in Yemen? The following year, a coalition of Arab states led by Saudi Arabia intervened in the conflict.
In the end, Pope's homeland rejects abortion law
Crowds gathered outside Argentina's National Congress in the capital, Buenos Aires, to watch the vote on large screens. The Catholic Church held masses during the Senate's vote and had called on Catholics to protest against abortion.
Syrian first lady Asma al-Assad treated for breast cancer
In a video in 2012, the British and German ambassadors to the United Nations appealed to her to speak out against the violence. Before the crisis began in March 2011, she was the subject of flattering profiles in Vogue and other fashion magazines.