Tribune withdrew from its $3.9 billion buyout by Sinclair, ending a bid to create a massive media juggernaut that could have rivaled the reach of Fox News.
Tribune Media Co., which is on the hook for a $135 million breakup fee, said Thursday that it is filing a lawsuit against Sinclair, citing breach of contract.
Sinclair Broadcast Group Inc. wanted the Chicago company's 42 TV stations and had agreed to dump almost two dozen of its own to score approval by the Federal Communications Commission. The media company which has enjoyed the support of President Donald Trump, appeared to be cruising toward approval by U.S. regulators.
Last month, however, FCC Chairman Ajit Pai said that he had "serious concerns" about the deal, saying that Sinclair might still be able to operate the stations "in practice, even if not in name."
Tribune, based in Chicago, claimed Thursday that Sinclair used "unnecessarily aggressive and protracted negotiations" with the Department of Justice and FCC over regulatory requirements and that it refused to sell the stations it needed to.
Sinclair operates 192 stations, runs 611 channels and operates in 89 U.S. markets. It would have been able to expand rapidly into numerous new markets with the Tribune acquisition.
Shares slid more than 3 percent before the opening bell.
Sinclair has become a significant outlet for conservative perspectives.
It was admonished by media watchdogs in April after dozens of Sinclair news anchors read an identical script expressing concern about "one-sided news stories plaguing the country." President Donald Trump tweeted his support of the company at the time. Sinclair defended the script as a way to distinguish its news shows from unreliable stories on social media.
The Maryland company did not immediately respond early Thursday to a request for comment from The Associated Press.
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More