A class-action lawsuit has been filed seeking to block the sale of Tribune Media to Sinclair Broadcast Group, the Chicago Tribune reports.
The suit was filed Thursday in federal court in Chicago by Tribune Media shareholder Sean McEntire.
“McEntire accuses Chicago-based Tribune Media of giving stockholders incomplete and misleading information about the deal, including failing to provide portions of the companies’ financial projections, the value of another bid for Tribune Media and other details of the process leading to the merger agreement, according to court records,” the story reports.
“The deal, valued at $3.9 billion, was announced in May, pending approval from stockholders, the Federal Communications Commission and federal antitrust regulators,” the report adds. “Sinclair, already the largest station owner in the country, would pick up Tribune Media’s 42 television stations, ending local ownership of Chicago’s WGN TV and radio stations.”
Unless the FCC insists on divestitures, the combined company would own and operate 233 television stations in 108 markets, the report notes.