Tribune Media Backs Out of $3.9 Billion Merger and Sues Sinclair
Tribune alleges that Sinclair breached the merger agreement, and Tribune intends to hold Sinclair accountable for the breach.
Another blockbuster merger is in trouble. On Thursday morning, Tribune Media Company (NYSE: TRCO) announced that it was backing out of a $3.9 billion deal with Sinclair Broadcast Group and filing suit against the company for breach of contract. In the lawsuit filed in a Chancery, Delaware court, Tribune seeks compensation for losses incurred as a result of material breaches in the merger agreement between the two companies, including Sinclair’s promise to obtain regulatory approval as soon as possible and divesting stations in specific markets to facilitate that approval.
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