The proposed merger of Sinclair Broadcast and Tribune Media to form the largest TV station group in the US has generated pushback from broadcasters, lawmakers, media watchdogs and viewers alike.
On Thursday, October 19, Tribune Media shareholders had a chance to weigh in.
The Chicago-based media company held a special meeting of shareholders at a Los Angeles hotel Thursday morning to vote on the proposed merger. A thumbs up from Tribune shareholders is a prerequisite for the deal, which ultimately requires approval from the Federal Communications Commission (FCC) and the Department of Justice.
The merger still has significant hurdles to overcome, including the potential required divestiture of stations in up to 10 markets to get under FCC ownership limits and the integration of two distinct corporate cultures that may presage the exit of top Chicago-based Tribune executives.
Sinclair agreed to buy Chicago-based Tribune Media in May for US$3.9 billion, plus the assumption of US$2.7 billion in debt, swallowing up a major station group that includes WGN-TV in Chicago, KTLA-TV in Los Angeles and WPIX-TV in New York and moving its conservative brand into the top three markets in the US.
Full Content: Chicago Tribune
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