Sinclair (SBGI) continues to seek Federal Communications Commission approval of its deal to buy Tribune Media (TRCO) for $3.9 billion. The FCC is on day 77 of its informal 180-day review of the acquisition.
Per the Communications Act of 1934, the FCC has the right to amend the deal if it is seen to counter public interest.
Sinclair owns 173 television stations in small and medium sized markets. Its purchase of Tribune will give it another 43 television stations, some of which are in major markets including Los Angeles and New York.
That addition would also mean that Sinclair would increase its coverage area to roughly 45 percent.
Will the FCC under Ajit Pai allow the deal to go through or will Sinclair have to divest some of its stations to stand up to scrutiny?
Stick with TheStreet as Sinclair's quest to become the nation's largest television station owner continues.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
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