Sinclair Broadcast is a step closer to taking over Tribune Media after shareholders of the Chicago-based media company voted overwhelmingly to approve the proposed US$3.9 billion acquisition.
Tribune Media said more than 99% of the votes cast by shareholders at a special meeting Thursday, October 19, at the Omni Hotel in Los Angeles were in favor of the deal, which would give Sinclair control of Tribune’s 42 TV stations, including KTLA Channel 5 in Los Angeles.
“Today’s vote is an important milestone in the merger process and confirms that Tribune stockholders strongly support this transaction and the value it delivers,” Peter Kern, Tribune Media’s chief executive, said in a statement. “We look forward to continuing our work with Sinclair toward the closing of this deal.”
The deal will give the Baltimore-based Sinclair a total of 223 TV stations serving 108 markets, including 39 of the top 50, that cover about 72% of US households.
Full Content: Chicago Tribune
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