Sinclair Updates Plans For Station Sales In Bid To Save Tribune Deal
UPDATED with information about a planned FCC hearing
Two days after a stinging challenge to its pending Tribune Media acquisition from FCC Chairman Ajit Pai, Sinclair Broadcast Group said it is amending its plans for station divestitures in a bid to salvage the deal.
Pai raised "serious concerns" about the so-called "sidecar" deals Sinclair had struck for stations in Dallas, Houston and Chicago. He felt those arrangements would enable Sinclair to continue running the… Read
DOJ Suggests “Swift” Process For Appeal Of AT&T-Time Warner Decision
Antitrust regulators at the Department of Justice have proposed an expedited process for their appeal of a federal judge’s landmark decision last month allowing AT&T to merge with Time Warner.
Final briefs in the D.C. Circuit Court of Appeals case are due Oct. 18, according to terms agreed upon by both sides and disclosed in today’s DOJ filing in the case, with oral argument soon following. (Read the full filing HERE.) “Because the United States believes that oral… Read
Tribune Media “Disappointed” By FCC Scrutiny Of Sinclair Merger
After seeing its stock hammered due to FCC Chairman Ajit Pai’s “serious concerns” about aspects of its pending merger with Sinclair Broadcast Group, Tribune Media said it is “disappointed” but still hopes to salvage the deal.
“Tribune Media was disappointed to learn that the Chairman had circulated an order designating certain issues for consideration by an Administrative Law Judge,” the company’s statement said. “It will review the FCC’s hearing designation order when… Read
FCC Chairman Raises “Serious Concerns” About Sinclair-Tribune Merger
UPDATED to include background and comment: FCC chairman Ajit Pai issued a statement today raising “serious concerns” about Sinclair Broadcast Group’s proposed $3.9 billion acquisition of Tribune Media. At issue are Sinclair’s plans to divest some stations to meet ownership limits in a way that would allow Sinclair to retain control of them “in practice, if not in name, in violation of the law,” Pai noted.
Pai said he had asked fellow commissioners to vote to send the deal… Read
DOJ Antitrust Head: Fox-Disney Deal “A Victory For American Consumers”
With intrigue swirling about his dogged quest to block AT&T’s merger with Time Warner, Department of Justice antitrust chief Makan Delrahim is defending regulators’ speedy approval of Disney’s bid to buy 21st Century Fox assets.
In an op-ed piece in the Washington Times published as his… Read
AT&T CEO Calls Chance Of Time Warner Merger Reversal “Really Remote”
In a lengthy appearance on CNBC from Sun Valley, where he is attending the Allen & Co. retreat, AT&T CEO Randall Stephenson dismissed any threat from the government’s appeal of a judge’s decision allowing the company’s merger with Time Warner.
“We think the likelihood of this thing being reversed and overturned is really remote,” he said. “This changes nothing. … The merger’s closed. We own Time Warner.”
Investors and the entire media and entertainment sector are still… Read
DOJ Appeals Judge’s Decision Allowing AT&T-Time Warner Merger
UPDATED to include comments from AT&T CEO Randall Stephenson: Not so fast, AT&T.
After a flurry of corporate blue-skying over the past month since the official close of the company’s merger with Time Warner, antitrust regulators at the Department of Justice have filed an appeal of the judge’s decision that allowed it to happen.
The appeal comes after the $85 billion deal was sealed, meaning a positive outcome for the government in its latest effort would entail a breakup… Read
Ahead Of Sun Valley Summit, Comcast Talks With Strategic Partners Before Expected Disney-Fox Response
As media and tech prime movers gather in Sun Valley, Idaho, for this week’s annual Allen & Co. retreat, one of the biggest deals in an already surging M&A marketplace may well hit a whole new level during the conference.
Comcast has been planning for three weeks now to respond to Disney’s aggressive $71.3 billion bid for most of 21st Century Fox. It hasn’t returned to the bargaining table for a few reasons, one of which is the sizable amount of debt the deal will require… Read
Fox Shareholder Lawsuit Targets Alleged Flaws In Disney Deal Prospectus
A 21st Century Fox shareholder has filed suit over Disney’s pending deal to acquire most of the company’s assets, claiming that shareholders have been given incomplete or misleading information before their vote on July 27.
The complaint by Robert Weiss (read it HERE) was filed on Friday in U.S. District Court in Delaware. It charges that the most recent offer accepted by Fox yielded a prospectus on June 28 that was incomplete. Weiss, who is seeking to stop the vote from… Read
Sinclair Again Defends Merit Of Tribune Media Acquisition: “The Sky Is Not Falling”
As legal and regulatory wrangling continues over Sinclair’s pending acquisition of Tribune Media, the broadcast group has once again articulated the upside of the deal.
In a lengthy formal response to several industry groups who have filed petitions with the FCC to deny the… Read
Disney Q3 Earnings Outlook Dims On ‘Solo,’ M&A “Uncertainty” – Analyst
Disney should report a profitable fiscal third quarter in a few weeks’ time, powered by its media networks and theme parks, predicts Wall Street analyst Steven Cahall of RBC Capital Markets. Even so, the misfiring of Star Wars spinoff Solo and uncertainty surrounding its M&A plans have prompted Cahall to lower his quarterly earnings estimates for the company.
Cahall still rates Disney as his top pick in the media sector and retains a 12-month price target of $135 a share… Read
In Bidding War For Fox, Media Analysts Give Disney Edge Over Comcast
Disney appears to hold a clear advantage over Comcast in its pursuit of Fox, according to several prominent media analysts. The company will likely emerge the victor in the bidding war for the collection of film and television assets that Rupert Murdoch has assembled over three-plus decades.
With a little more than three weeks to go until shareholders vote on Disney’s $71.3 billion cash and stock offer to acquire much of Fox, media analysts say the Burbank entertainment… Read