Tribune said Thursday that it pulled out of the agreement and filed a lawsuit against Sinclair for breach of contract.
Tribune Media Co. has terminated its $3.9 billion merger deal with Sinclair Broadcast Group, Inc.
Tribune said Thursday that it pulled out of the agreement and filed a lawsuit against Sinclair for breach of contract.
This comes after the FCC expressed » serious concerns » about the deal.
Tribune said that as part of the agreement, Sinclair was supposed to « use its reasonable best efforts » to get regulatory approval, but instead, the company refused to sell some stations in markets as required to get that approval.
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The FCC reportedly concluded that Sinclair may have misrepresented or omitted some facts in its applications in an attempt to get around the FCC’s ownership rules.
In a statement, Tribune said, « Sinclair’s entire course of conduct has been in blatant violation of the Merger Agreement. »
As of Thursday morning, Sinclair hadn’t released a statement about the failed merger. If the deal had gone through, the combined company would have reached almost 70 percent of U. S. households.
Additional reporting from Newsy affiliate CNN .
