Tribune Media (NYSE:TRCO) is seeing some relief today, up 5.4% after a double-digit slide in the wake of an FCC blow to its planned acquisition by Sinclair Broadcast Group (SBGI -0.2%).
The company was disappointed with FCC Chairman Ajit Pai's decision to designate issues for administrative law judge to review.
"Until we have reviewed the order it is difficult to explain the potential issues it might create for the transaction," Tribune says. "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."
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