After seeing its stock hammered due to Federal Communication Commission (FCC) Chairman Ajit Pai’s “serious concerns” about aspects of its pending merger with Sinclair Broadcast Group, Tribune Media said it is “disappointed” but still hopes to salvage the deal.
“Tribune Media was disappointed to learn that the Chairman had circulated an order designating certain issues for consideration by an Administrative Law Judge,” the company’s statement said.
“It will review the FCC’s hearing designation order when released and expects to work with the FCC to explore ways to address the concerns identified. Until we have reviewed the order it is difficult to explain the potential issues it might create for the transaction. Fortunately, Tribune’s operations have been strong in 2018 and our team has done a terrific job of maximizing the value of the business through this extended regulatory approval process.”
Tribune CEO Peter Kern issued a memo to employees acknowledging the issue. “I know this latest development creates more uncertainty about our merger,” the memo read, “but try to stay focused on the business and the audiences, advertisers and communities we serve, just as you have done throughout the year.”
Full Content: CISION PRNewswire
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