Reacting to bad news at the FCC today, Sinclair Broadcast Group (NASDAQ:SBGI) says it's denying "allegations of misrepresentation or lack of candor" in its push to acquire Tribune Media (NYSE:TRCO).

Sinclair shares shed 11.7%, and Tribune Media dropped 16.7%, after FCC Chairman Ajit Pai signaled his intention to refer the merger to an administrative law judge -- often a death knell for deals like this.

The issue is whether divestitures (which Sinclair promised to skirt ownership concentration worries) included too many joint-operating setups that would leave the company still in effective control of the stations.

READ FULL ARTICLE HERE