BALTIMORE, July 16, 2018 /PRNewswire/ -- Sinclair
Broadcast Group, Inc. (Nasdaq: SBGI) today acknowledged a statement
made by Chairman Ajit Pai of the
Federal Communications Commission ("FCC"), in which he announced
circulation of a draft hearing designation order regarding
Sinclair's pending acquisition of 100% of the issued and
outstanding shares of Tribune Media Company (NYSE: TRCO)
("Tribune") and issued the following statement:
"Sinclair was shocked and disappointed today by the news that
FCC Chairman Pai was circulating an order proposing to designate
our acquisition of Tribune for an administrative hearing. Although
the actual Hearing Designation Order (HDO) has not yet been
released, press reports indicate that a leaked version of the HDO
suggests that Sinclair may have engaged in misrepresentation or
lack of candor. To the extent that the HDO does in fact include any
such allegations, we deny such allegations in the strongest
possible manner.
Throughout the FCC review process of this transaction, we have
had numerous meetings and discussions with the FCC's Media Bureau
to make sure that they were fully aware of the transaction's
structure and basis for complying with FCC rules and meeting public
interest obligations. These structures are consistent with
structures that Sinclair and many other broadcasters have utilized
for many years with the full approval of the FCC. During these
discussions and in our filings with the FCC, we have been
completely transparent about every aspect of the proposed
transaction. We have fully identified who the buyers are and the
terms under which stations would be sold to such buyer, including
any ongoing relationship we would have with any such stations after
the sales. We have filed all relevant agreements documenting such
terms as required by FCC rules.
While we understand that certain parties which oppose the
transaction object to certain of the buyers based on such buyers'
relationships with Sinclair, a situation we are prepared to address
if the FCC agrees with such views, at no time have we misled the
FCC in any manner whatsoever with respect to the relationships or
the structure of those relationships proposed as part of the
Tribune acquisition. Any suggestion to the contrary is unfounded
and without factual basis.
We were heartened by the Statement released by Commissioner
O'Rielly objecting to 'blindly sending decisions to the
Commission's Administrative Law Judge (ALJ).' While we understand
that Commissioner O'Rielly was specifically objecting to the lack
of defined timelines in the ALJ process, we hope that Commissioner
O'Rielly and the other FCC Commissioners will also consider the
appropriateness of blindly designating matters for hearing which
have been fully disclosed to the FCC and which fully comply with
FCC rules and widespread industry precedent."
We are prepared to resolve any perceived issues and look forward
to finalizing our acquisition of Tribune Media. The proposed merger
of Sinclair Broadcast Group and Tribune Media will create numerous
public interest benefits and help move the broadcast industry
forward at a time when it is facing unprecedented challenges. We
look forward to working with regulators to make the merger a
reality."
About Sinclair:
Sinclair is one of the largest and most diversified television
broadcasting companies in the country. Pro forma for the Tribune
acquisition and related station divestitures, the Company will own,
operate and/or provide services to 215 television stations in 102
markets. Sinclair is a leading local news provider in the country
and operates the greatest number of award-winning news rooms in the
industry and is dedicated to impactful journalism with a local
focus. The Company has multiple national networks, live local
sports production, as well as stations affiliated with all the
major networks. Sinclair's content is delivered via
multiple-platforms, including over-the-air, multi-channel video
program distributors, and digital platforms. The Company regularly
uses its website as a key source of Company information which can
be accessed at www.sbgi.net.
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SOURCE Sinclair Broadcast Group, Inc.