Deal Critics to Tribune Board: Abandon Merger or Quit

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Four high-profile Sinclair-Tribune deal critics have gotten together to urge Tribune to pull the plug on the deal. Public Knowledge President Gene Kimmelman; Brian Hess, executive director of the Sports Fans Coalition; Gigi Sohn, distinguished fellow at the Institute for Technology Law and Policy; and Andrew Schwartzman of the Institute for Public Representation wrote a letter to Tribune board members saying, "We believe that the only reasonable and prudent action under your fiduciary duty as Tribune directors is to abandon the proposed sale to Sinclair Broadcast Group and focus entirely on the responsible management of your company." They said that because Tribune's obligation to consummate the deal is conditioned on Sinclair's representations being truthful, and because the Federal Communications Commission has unanimously determined that Sinclair may have lacked candor in possible violation of law, Sinclair has failed to satisfy one of its commitments--that all its representations to the FCC be "true and correct in all respects," and Tribune can terminate the deal now, before an Aug. 18 breakup date, without any financial penalty. If the board members do not abandon the merger, the deal critics said, those members have only one option: resign.


Deal Critics to Tribune Board: Abandon Merger or Quit