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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI