Tribune withdrew from its $3.9 billion buyout by Sinclair, ending a bid to create a massive media juggernaut that could have rivaled the reach of Fox News. Tribune Media Co., which is on the hook for a $135 million breakup fee, said Thursday that it is suing Sinclair for breach of contract and at least $1 billion in damages, according to the complaint . Sinclair used "unnecessarily aggressive and protracted negotiations" with the Department of Justice and Federal Communications Commission over regulatory requirements, the Chicago company said, and it refused to sell the stations it needed to in order to gain regulatory approval. Sinclair Broadcast Group wanted the Chicago company's 42 TV stations and had initially agreed to dump almost two dozen of its own to score approval by the FCC. Jimmy Fallon teams up with Andy Cohen against Ryan Seacrest and The Roots' Tarik Trotter for a game of Catchphrase. (Published Thursday, Aug. 9, 2018) The media company, which has enjoyed … [Read more...] about Tribune Pulls Out of $3.9 Billion Buyout by Sinclair Broadcast
Justin L. Mack Indianapolis Star Published 3:13 p.m. UTC Aug 9, 2018 A plan for the parent company of Fox59 and CBS4 to be sold to Sinclair Broadcast Group for $3.9 billion is no more, and a federal lawsuit seeking payment from Sinclair for money lost during merger talks has been filed. Chicago-based Tribune Media this week called off the sale of 42 TV stations to the broadcast giant, stating that Sinclair breached its contract by misleading regulators during the transaction's approval process. Tribune said Thursday it filed a lawsuit against Sinclair seeking payment for losses during discussions. The deal, announced in May 2017, would have given Sinclair a total of 215 TV stations and a reach of 71 percent of U.S. homes. Red Line becoming reality: Indianapolis Red Line construction causes Meridian Street lane restrictionsWhat you need to know: Joel Osteen in Indianapolis: Why the televangelist is so beloved and controversial In July, the Federal … [Read more...] about Parent company of Fox59, CBS4 no longer selling to Sinclair Broadcast Group
click to enlarge The Law Offices of Peter Miller of Little Rock is the plaintiff in a class action antitrust lawsuit in federal court in Maryland against Sinclair Broadcast, Tribune Media and Tribune Broadcasting for allegedly conspiring to fix advertising prices. The lawsuit says instead of competing, the defendants shared information and fixed prices to stifle competition. Sinclair, the suit says, owns 193 stations in 90 cities (including KATV in Little Rock) and Tribune owns 43 stations (including KFSM in Fort Smith-Fayetteville). The companies have been trying to merge, but have been stymied so far by the Federal Communication Commission because of concerns about excessive ownership of media. The suit says the alleged price-fixing was a response to slowing revenue tied to the rise of digital advertising. One response to this reduction in revenue growth has been to seek to achieve economies of scale and expand respective customer bases via mergers with and … [Read more...] about Little Rock lawyer sues Sinclair Broadcast and Tribune Media for ad price fixing
NEW YORK, July 27, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (NASDAQ: SBGI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980. The investigation concerns whether Sinclair and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here to join a class action] On July 26, 2018, post-market, the Wall Street Journal reported that the U.S. Department of Justice is investigating whether Sinclair, Tribune Media Company, and other independent television station owners had violated antitrust law by “coordinat[ing] efforts when their ad sales teams communicated with each other about their performance, potentially leading to higher rates for TV commercials”. On this news, Sinclair’s … [Read more...] about SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Sinclair Broadcast Group, Inc.
NEW YORK, July 26, 2018 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces it has commenced an investigation of Sinclair Broadcast Group, Inc. (“Sinclair” or “the Company”) (NASDAQGS:SBGI) concerning possible violations of federal securities laws. On May 8, 2017, Sinclair announced it had entered into an agreement to acquire 100% of the issued and outstanding shares of Tribune Media Company (NYSE:TRCO). On August 3, 2017, Sinclair filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that the U.S. Department of Justice had requested additional information and documentary material pertaining to the agreement. The investigation concerns whether Sinclair made materially false and misleading statements or failed to disclose material information pertaining to the purchase of Tribune shares. To obtain additional information, go to: http://www.zlk.com/pslra-d/sinclair-broadcast-group-inc or contact Joseph E. Levi, Esq. either via email at … [Read more...] about INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Investors of an Investigation Involving Possible Securities Fraud Violations by the Board of Directors of Sinclair Broadcast Group, Inc.