Quantcast
Connect with us

Tribune Media in new sale talks after Sinclair deal collapse – sources

Published

on

U.S. TV station owner Tribune Media Co is kicking off a new round of talks to sell itself after its planned $3.9 billion sale to peer Sinclair Broadcast Group Inc failed to get regulatory clearance, people familiar with the matter said on Wednesday.

Tribune terminated its deal with Sinclair last month, and filed a lawsuit arguing that the latter mishandled efforts to get the transaction approved by taking too long and being too aggressive in its dealings with regulators.

ADVERTISEMENT

Tribune is working with financial advisers Moelis & Co and Guggenheim Securities LLC to field interest from potential buyers, including rival Nexstar Media Group Inc and private equity firms, the sources said on Wednesday. The discussions are at an early stage and no deal is certain, the sources added.

Tribune declined to comment, while representatives from Nexstar, Moelis and Guggenheim did not immediately respond to requests for comment.

Based in Chicago, Tribune Media owns or operates 42 local television stations reaching approximately 50 million households. It also owns national entertainment cable network WGN America, whose reach is more than 77 million households, and a variety of digital applications and websites commanding 54 million monthly unique visitors online, according to its website.

The broadcast media sector has seen a flurry of merger talks amid expectations that the U.S. Federal Communications Commission (FCC) could relax restrictions on how many stations broadcasters can operate. The FCC has yet to vote on the matter.

Tribune Chief Executive Officer Peter Kern said on an earnings call last month that “the environment remains welcoming and open to sensible consolidation.”

ADVERTISEMENT

Tribune has filed a lawsuit against Sinclair seeking damages of at least $1 billion for what it called Sinclair’s “misconduct” and “willful breaches” of the merger agreement.

In its counterclaim in the Delaware Court of Chancery, Sinclair rejected Tribune’s allegations and suggested the companies had been very close to winning U.S. Department of Justice approval. The deal was scuttled when the FCC took the unusual step of referring it to an administrative judge for review and questioned Sinclair’s candor over the planned sale of some stations.

The FCC said Sinclair did not “fully disclose facts” relating to the planned sale of three stations, including pre-existing business relationships the company had with prospective buyers.

ADVERTISEMENT

Tribune emerged from bankruptcy in late 2012 and completed a spinoff of its newspaper assets in 2014.

Buyout firm Apollo Global Management LLC approached Nexstar last summer to express interest in acquiring it, Reuters reported in July. Nexstar’s focus, however, is on being an acquirer in light of Sinclair’s torpedoed acquisition of Tribune, according to the sources.

ADVERTISEMENT

Reporting by Liana B. Baker in New York; Additional reporting by Carl O’Donnell and Greg Roumeliotis in New York; Editing by Tom Brown


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Appeals court again rejects Trump’s attempt to hide his financial records from Congress — and SCOTUS will likely weigh in: report

Published

on

On Wednesday, The New York Times reported that the full panel of judges on the Court of Appeals for the D.C. Circuit has upheld a lower court's decision requiring President Donald Trump's accounting firm to turn over several years of financial records to Congress.

The decision was 8 to 3, with two of the dissenters judges Trump appointed. Among the majority was Chief Judge Merrick Garland, who was famously denied a Supreme Court appointment by Republicans so they could cement an ideological takeover of the judiciary.

Continue Reading

Facebook

MSNBC panel mocks Devin Nunes for trying to ‘out-crazy’ everyone in the impeachment hearing

Published

on

During his Wednesday show with former Republican Rep. David Jolly and "The Root" editor Jason Johnson, MSNBC host Chris Matthews couldn't help but note Rep. Devin Nunes (R-CA) seemed like a weird outlier during the impeachment hearings.

"It was certainly an interesting show. Everyone seemed to be doing their own thing," Matthews said. "I’m not sure what Nunes was up to. He didn’t seem to be a leader of the pack here, he was doing this out-crazy peripheral stuff about Hunter Biden and Ukraine in 2016 and trying to get the whistle-blower exposed. None of that had to do with the conversations President Trump had with Zelensky or the whole cabal to shake this guy down for dirt on Biden. He was just walking around the far fringes of the topic."

Continue Reading
 

Facebook

Republicans want people to become numb to what they already know is true: Dan Rather

Published

on

On Wednesday's edition of MSNBC's "The Beat," longtime reporter Dan Rather highlighted one of the final strategies Republicans have left to try to blunt the public's enthusiasm for impeachment: Desensitize them to the facts that are damning for President Donald Trump.

"What jumped out to me today is the effort by the Republicans to sort of say, listen, everybody knows all of this," said Rather. "They seek to have people become numb to what we already know. That’s what jumped out to me today, because we already know that the evidence we’re talking about now, the solicitation of a foreign power to get involved in our election, the evidence is strong."

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image