NEW YORK, May 10, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Tribune Media
Company (NYSE: TRCO) ("TRCO" or the "Company") in
connection with the proposed acquisition of the Company by Sinclair
Broadcast Group, Inc. (NASDAQ: SBGI) ("SBGI"). Under the
terms of the agreement, the Company's shareholders will receive
$35 in cash and 0.23 of a share of
SBGI for each share of TRCO they own, representing consideration of
$42.85 based on SBGI's May 10 closing price.
WeissLaw is investigating whether TRCO's Board acted to maximize
shareholder value prior to entering into the
agreement. Notably, the $6.6
billion acquisition, which includes the purchase of 42
stations in 33 markets, would create a media giant and make SBGI
the largest broadcast company with coverage of 72% of the country,
which will afford SBGI more leverage in reverse transmission fee
negotiations with networks. SBGI would also see the
acceleration of various plans, including:
- sales to national advertisers;
- expansion of network distributions; and
- integration of ATSC 3.0, the next generation of broadcasting
which will support Mobile Television, 3D Television, and 4K
UHD.
Upon completion of the transaction, SBGI shareholders will
retain a remarkable 84% economic ownership while benefiting from a
noteworthy 57% boost to SBGI's 2018 earnings per share and a 48%
growth in free cash flow, according to Bloomberg
Intelligence.
Given these facts, WeissLaw is investigating whether TRCO's
Board acted in the best interests of TRCO's public shareholders to
maximize shareholder value prior to entering into the agreement. If
you own TRCO shares and would like more information about your
rights or our investigation, or if you have information to share
with us, please contact Joshua
Rubin by telephone at (888) 593-4771 or by
email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients and obtained important corporate governance relief in many
of these cases. If you have information or would like legal advice
concerning possible corporate wrongdoing (including insider
trading, waste of corporate assets, accounting fraud, or materially
misleading information), consumer fraud (including false
advertising, defective products, or other deceptive business
practices), or anti-trust violations, please email us at
stockinfo@weisslawllp.com or visit our website,
http://www.weisslawllp.com/tribune-media-company/.
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SOURCE WeissLaw LLP