Tribune Media Shareholders Vote In Favor of Sinclair Merger

Tribune Media shareholders on Thursday “overwhelmingly” approved the company’s proposed acquisition by Sinclair Broadcast Group, even as federal regulators slow down the TV station megamerger to allow for more public input.

More than 99 percent of the votes cast by shareholders Thursday morning at a Los Angeles hotel were in favor of the merger, according to The Chicago Tribune.

“Today’s vote is an important milestone in the merger process and confirms that Tribune stockholders strongly support this transaction and the value it delivers,” Tribune Media CEO Peter Kern said in a news release. “We look forward to continuing our work with Sinclair toward the closing of this deal.”

Sinclair agreed to buy Tribune Media in May for $3.9 billion, plus the assumption of $2.7 billion in debt, creating what would be the largest TV station group in the U.S. with more than 200 stations, reaching about 72 percent of TV households.

Tribune Media shareholders needed to sign off on the deal, which ultimately requires approval from the Federal Communications Commission and the Department of Justice.

The proposed deal has generated pushback from broadcasters, lawmakers, media watchdogs and viewers alike over Sinclair's right-leaning editorial views as well as concerns about media concentration.

On Wednesday, the FCC stopped its 180-day transaction clock for 15 days to allow for additional public comments after an Oct. 5 filing by Sinclair. The filing outlines more specific plans for the combined station group, including possible divestitures to get under an FCC ownership cap.

Chicago-based Tribune Media owns or operates 42 TV stations, including WGN in Chicago, KTLA in Los Angeles and WPIX in New York, as well as WGN-AM 720 and cable channel WGN America.