Tribune Terminates $3.9 Billion Merger With Sinclair

Tribune Media has terminated its merger agreement with rival media giant Sinclair Broadcast Group and is now suing it for allegedly failing to make sufficient efforts to get the deal approved by regulators. The suit alleges Sinclair breached the $3.9 billion merger agreement by carrying out “unnecessarily aggressive and protracted negotiations” with regulators over their requirement that Sinclair divest stations in some markets to gain approval. Tribune is now seeking financial damages. “Our merger cannot be completed within an acceptable time frame, if ever,” Tribune Media Chief Executive Peter Kern said in a statement. “This uncertainty and delay would be detrimental to our company and our shareholders. Accordingly, we have exercised our right to terminate the merger agreement, and, by way of our lawsuit, intend to hold Sinclair accountable.” Sinclair has not yet commented, The Wall Street Journal reports, but the company said Wednesday it was continuing to work with Tribune to “analyze approaches to the regulatory process that are in the best interest of our companies, employees and shareholders.”