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Tribune Terminates $3.9 Billion Merger With Rival Sinclair - Slashdot

The merger that once seemed all but inevitable has fallen apart. According to The Wall Street Journal, Tribune Media has terminated its merger agreement with rival TV station-owner Sinclair Broadcast Group (Warning: source may be paywalled; alternative source). The company is also suing Sinclair for failing to make sufficient efforts to get their $3.9 billion deal approved by regulators. From the report: The suit, filed in Delaware Chancery Court, alleges that Sinclair breached the merger agreement by engaging in "unnecessarily aggressive and protracted negotiations" with regulators over their requirement that Sinclair divest stations in certain markets to obtain approval, Tribune said in a statement. The deal structures Sinclair proposed, which Tribune said were done to allow it to maintain control over stations, created risks for the deal in violation of the merger agreement. Tribune is seeking financial damages.

The collapse of the deal and lawsuit mark a stunning turn...(continued)

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