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.
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