NEW YORK, July 17, 2018 /PRNewswire/ -- Tribune Media
Company (the "Company") (NYSE: TRCO) announced today that it is
studying the July 16, 2018 statement
by Federal Communications Commission ("FCC") Chairman Ajit Pai regarding the Company's pending
acquisition by Sinclair Broadcast Group, Inc. ("Sinclair"), and
issued the following statement:
"Tribune Media was disappointed to learn that the Chairman had
circulated an order designating certain issues for consideration by
an Administrative Law Judge. It will review the FCC's hearing
designation order when released and expects to work with the FCC to
explore ways to address the concerns identified. Until we have
reviewed the order it is difficult to explain the potential issues
it might create for the transaction. Fortunately, Tribune's
operations have been strong in 2018 and our team has done a
terrific job of maximizing the value of the business through this
extended regulatory approval process."
Tribune Media Company (NYSE: TRCO) is home to a diverse
portfolio of television and digital properties driven by quality
news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting's
42 owned or operated local television stations reaching
approximately 50 million households, national entertainment cable
network WGN America, whose reach is more than 77 million
households, and a variety of digital applications and websites
commanding 54 million monthly unique visitors online. Tribune
Media also includes Chicago's WGN-AM and the national multicast
networks Antenna TV and THIS TV. Additionally, the Company owns and
manages a significant number of real estate properties across the
U.S. and holds a variety of investments, including a 31% interest
in Television Food Network, G.P., which operates Food Network and
Cooking Channel. For more information please visit
www.tribunemedia.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the federal securities laws. Forward-looking
statements are subject to known and unknown risks and
uncertainties, many of which may be beyond our control.
Forward-looking statements may include, but are not limited to, the
anticipated merger with Sinclair and the related regulatory
process. Important factors that could cause actual results,
developments and business decisions to differ materially from these
forward-looking statements are uncertainties discussed below and in
the "Risk Factors" section of the Company's filings with the U.S.
Securities and Exchange Commission (the "SEC"). "Forward-looking
statements" include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as "may," "might," "will," "could" "should," "estimate,"
"project," "plan," "anticipate," "expect," "intend," "outlook,"
"seek," "designed," "assume," "implied," "believe" and other
similar expressions. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. These forward-looking statements are inherently
uncertain and subject to a number of risks and uncertainties.
The following list represents some, but not necessarily all, of
the factors that could cause actual results to differ from these
forward-looking statements: risks associated with the ability to
consummate the merger with Sinclair and the timing of the closing
of the merger, the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement; the risk that the regulatory approvals for the proposed
merger with Sinclair may be delayed, not be obtained or may be
obtained subject to conditions that are not anticipated; risks
related to the disruption of management time from ongoing business
operations due to the merger and the restrictions imposed on the
Company's operations under the terms of the Merger Agreement; the
effect of the announcement of the merger on our ability to retain
and hire key personnel, on our ability to maintain relationships
with advertisers and customers, and on our operating results and
businesses generally; litigation in connection with the merger; the
factors discussed under the heading "Risk Factors" of the Company's
filings with the Securities and Exchange Commission; and other
events beyond our control that may result in unexpected results. In
addition, in light of these risks and uncertainties, the matters
referred to in the forward-looking statements contained in this
press release may not in fact occur. Any forward-looking
information presented herein is made only as of the date of this
press release and we undertake no obligation to update or revise
any forward-looking statement as a result of new information,
future events or otherwise, except as otherwise required by
law.
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SOURCE Tribune Media Company