Sinclair Files Countersuit Against Tribune Over Merger Dispute

sinclair files countersuit against tribune over merger dispute
Sinclair Files Countersuit Against Tribune Over Merger Dispute

Sinclair Broadcast Group Inc. said on Wednesday it has filed a counterclaim in a Delaware court to Tribune Media Co.’s lawsuit filed in early August against the company claiming a breach of contract.

Tribune terminated its $3.9 billion sale to Sinclair and filed a lawsuit, saying the rival TV-station owner mishandled efforts to get the transaction approved by taking too long and being too aggressive in its dealings with regulators.

“Today, we filed our response to Tribune’s complaint, along with a counterclaim against Tribune for breaching the merger agreement,” Sinclair Chief Executive Officer Chris Ripley said in a statement.

“As described in our filing, we fully complied with our obligations under the merger agreement and worked tirelessly to close the transaction. The Company looks forward to vigorously defending against Tribune’s claims and pursuing our own claim.”

Sinclair announced on May 8, 2017, that it wanted to buy Tribune’s 42 television stations in 33 U.S. markets and cable network WGN America.

The Sinclair deal was scuttled this month after the Federal Communications Commission opposed the deal, questioning Sinclair’s candor over the planned sale of some stations.

Read on The Source

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