You are here: Home » PTI Stories » National » News
Business Standard

Tribune calls off $3.9B buyout by Sinclair

AP  |  New York 

Tribune withdrew from its USD 3.9 billion buyout by Sinclair, ending a bid to create a massive that could have rivaled the reach of

Co, which is on the hook for a USD 135 million breakup fee, said today that it is filing a lawsuit against Sinclair, citing breach of contract.

Inc wanted the company's 42 TV stations and had agreed to dump almost two dozen of its own to score approval by the

The company which has enjoyed the support of Donald Trump, appeared to be cruising toward approval by US regulators.

Last month, however, FCC 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 today that Sinclair used "unnecessarily aggressive and protracted negotiations" with the 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 US markets. It would have been able to expand rapidly into numerous new markets with acquisition.

The media company has become a significant outlet for conservative perspectives.

It was admonished by in April after dozens of Sinclair anchors read an identical script expressing concern about "one-sided stories plaguing the country."

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

The company did not immediately respond early today to a request for comment from

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 18:55 IST