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Sinclair Tribune Merger Agreement Terminated; Sinclair Files With The FCC To Withdraw The Merger Application And Files A Motion To Terminate The Hearing Before The Administrative Law JudgeBALTIMORE, Aug. 9, 2018 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair," "Company") (Nasdaq: SBGI) announced today that it received a termination notice of its Merger Agreement from Tribune Media Company ("Tribune"). In response, the Company subsequently has withdrawn with prejudice its FCC applications to acquire Tribune and filed with the Administrative Law Judge a notice of withdrawal of the applications and motion to terminate the hearing. "We are extremely disappointed that after 15 months of trying to close the Tribune transaction, we are instead announcing its termination," commented Chris Ripley, President & Chief Executive Officer. "We unequivocally stand by our position that we did not mislead the FCC with respect to the transaction or act in any way other than with complete candor and transparency. As Tribune, however commented, in their belief, the FCC's recent designation of the deal for a hearing in front of an Administrative Law Judge would have resulted in a potentially long and burdensome process and, therefore, pursuing the transaction was not in the best interest of their company and shareholders. As for Tribune's lawsuit, we fully complied with our obligations under the merger agreement and tirelessly worked to close this transaction. The lawsuit described in Tribune's public filings today is entirely without merit, and we intend to defend against it vigorously. "Nonetheless, we wish to thank both our and Tribune's employees and our many advisers who have committed a tremendousamount of time and effort over the past 15 months towards the acquisition of Tribune. It is unfortunate that those efforts have not been realized. The combined company would have benefited the entire broadcast industry and the public through the advancement of ATSC 3.0, increased local news and enhanced programming." Forward-Looking Statements: About Sinclair: View original content with multimedia:http://www.prnewswire.com/news-releases/sinclair-tribune-merger-agreement-terminated-sinclair-files-with-the-fcc-to-withdraw-the-merger-application-and-files-a-motion-to-terminate-the-hearing-before-the-administrative-law-judge-300694935.html SOURCE Sinclair Broadcast Group, Inc. |