Tribune Investors Challenge $3.9B Sinclair Merger

[pstokely]

Source: Courthouse News Service

WILMINGTON, Del. (CN) – Asking a federal judge to block Tribune Media Co.’s planned $3.9 billion sale to Sinclair Broadcast Group, a class of shareholders says the deal is fundamentally unfair.

Lead plaintiff Scott Duffy says the sale process was flawed among others by conflicting interests and confidentiality agreements that might have scared off other offers.

“Moreover, the merger consideration represents a paltry 8% premium over Tribune’s closing share price on May 5, 2017,” the complaint states, filed on July 7 in Delaware, where Chicago-based Tribune is incorporated.

Announced on May 8, on the heels of regulatory changes that removed a 39 percent market-share cap on ultra-high frequency broadcasters like Tribune, the deal calls for each outstanding share of Tribune common stock to be exchanged for $35 cash and 0.23 Sinclair shares.

Read more: https://www.courthousenews.com/tribune-investors-challenge-3-9b-sinclair-merger/

[secondwind]

1. Kushner Broadcasting should be its name

[gfwzig]

2. Not suing because it is morally wrong, suing because they are not making enough $ on it!

[WinkyDink]

3. My "local" PA paper is already lousy, because of Tribune.