NEW YORK, May 10, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Tribune Media Company (NYSE: TRCO) ("TRCO" or the "Company") in connection with the proposed acquisition of the Company by Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) ("SBGI"). Under the terms of the agreement, the Company's shareholders will receive $35 in cash and 0.23 of a share of SBGI for each share of TRCO they own, representing consideration of $42.85 based on SBGI's May 10 closing price.
WeissLaw is investigating whether TRCO's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the $6.6 billion acquisition, which includes the purchase of 42 stations in 33 markets, would create a media giant and make SBGI the largest broadcast company with coverage of 72% of the country, which will afford SBGI more leverage in reverse transmission fee negotiations with networks. SBGI would also see the acceleration of various plans, including:
- sales to national advertisers;
- expansion of network distributions; and
- integration of ATSC 3.0, the next generation of broadcasting which will support Mobile Television, 3D Television, and 4K UHD.
Upon completion of the transaction, SBGI shareholders will retain a remarkable 84% economic ownership while benefiting from a noteworthy 57% boost to SBGI's 2018 earnings per share and a 48% growth in free cash flow, according to Bloomberg Intelligence.
Given these facts, WeissLaw is investigating whether TRCO's Board acted in the best interests of TRCO's public shareholders to maximize shareholder value prior to entering into the agreement. If you own TRCO shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or visit our website, http://www.weisslawllp.com/tribune-media-company/.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert--weisslaw-llp-investigates-the-acquisition-of-tribune-media-company-300455714.html
SOURCE WeissLaw LLP