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Sinclair 'did not fully disclose facts' on Tribune merger - FCC
Source: Reuters
BUSINESS NEWS JULY 19, 2018 / 1:30 PM / UPDATED 6 MINUTES AGO
Sinclair 'did not fully disclose facts' on Tribune merger - FCC
David Shepardson
4 MIN READ
WASHINGTON (Reuters) - Sinclair Broadcast Group Inc (SBGI.O) “did not fully disclose facts” about aspects of its $3.9 billion acquisition of Tribune Media (TRCO.N), the U.S. Federal Communications Commission said in an order released on Thursday that referred the issue to an administrative law judge for a hearing.
The order is a blow to Sinclair’s bid to acquire Tribune.
Sinclair had sought to remove questions about three stations referenced in the order by dropping divestiture plans on Tuesday. The FCC said the judge will review if Sinclair engaged in misrepresentation or a lack of candor and if the deal would violate the FCC’s broadcast ownership rules.
Sinclair did not immediately comment on Thursday, but said on Wednesday “at no time have we withheld information or misled the FCC in any manner whatsoever with respect to the relationships or the structure of those relationships proposed as part of the Tribune acquisition.”
Shares of Sinclair, the largest U.S. local broadcast station operator, fell 2.4 percent on Thursday and are down 19 percent since FCC Chairman Ajit Pai said on Monday he had “serious concerns” about the deal. Tribune shares fell 5.8 percent on Thursday.
-snip-
Sinclair 'did not fully disclose facts' on Tribune merger - FCC
David Shepardson
4 MIN READ
WASHINGTON (Reuters) - Sinclair Broadcast Group Inc (SBGI.O) “did not fully disclose facts” about aspects of its $3.9 billion acquisition of Tribune Media (TRCO.N), the U.S. Federal Communications Commission said in an order released on Thursday that referred the issue to an administrative law judge for a hearing.
The order is a blow to Sinclair’s bid to acquire Tribune.
Sinclair had sought to remove questions about three stations referenced in the order by dropping divestiture plans on Tuesday. The FCC said the judge will review if Sinclair engaged in misrepresentation or a lack of candor and if the deal would violate the FCC’s broadcast ownership rules.
Sinclair did not immediately comment on Thursday, but said on Wednesday “at no time have we withheld information or misled the FCC in any manner whatsoever with respect to the relationships or the structure of those relationships proposed as part of the Tribune acquisition.”
Shares of Sinclair, the largest U.S. local broadcast station operator, fell 2.4 percent on Thursday and are down 19 percent since FCC Chairman Ajit Pai said on Monday he had “serious concerns” about the deal. Tribune shares fell 5.8 percent on Thursday.
-snip-
Read more: https://www.reuters.com/article/us-tribune-media-m-a-sinclair-ma/fcc-sinclair-did-not-fully-disclose-facts-on-tribune-merger-idUSKBN1K92LX
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