U.S. Post Office Q3 controllable loss $889 mln vs. $587 mln

u s post office q controllable loss mln vs mln
U.S. Post Office Q3 controllable loss $889 mln vs. $587 mln

Tribune terminates deal to be bought by Sinclair, and sues Sinclair

Tribune Media Co. said Thursday it has terminated the $3.9 billion deal to be acquired by Sinclair Broadcast Group Inc., originally announced in May 2017, and said it has sued Sinclair for breach of contract. Tribune’s stock was still inactive in premarket trade. As part of the deal, Sinclair committed to use “reasonable best efforts” to obtain regulatory approval, including agreeing to divest stations in certain markets as necessary, but instead Tribune alleges that Sinclair engaged in “unnecessarily aggressive and protracted negotiations” with regulators, and refused to sell some stations required for approval. The Federal Communications Commission concluded that Sinclair may have misrepresented or omitted material facts to circumvent ownership rules, Tribune said. “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 cannot be completed within an acceptable timeframe, if ever,” said Tribune Chief Executive Peter Kern. The stock had tumbled 21% year to date through Wednesday, while the S&P 500 had gained 6.9%.

Read on Market Watch

Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About HEDGEaccordingly.com