NEW YORK (AP) — Tribune is withdrawing from its $3.9 billion buyout by Sinclair and it’s filing a lawsuit against it, citing breach of contract.
Tribune Media Co. would be on the hook for a $135 million breakup fee, according to the agreement reached last year.READ MORE: Grapevine Police Seek Armed Robber Who Hit Convenience Store On William D. Tate Avenue
Sinclair Broadcast Group Inc. had offered to buy the Chicago company’s 42 TV stations and had agreed to get rid of stations in some markets to gain regulatory approval. Tribune claims Sinclair used “unnecessarily aggressive and protracted negotiations” with the Department of Justice and Federal Communications Commission over regulatory requirements and refused to sell the stations it needed to.READ MORE: 'I Feel Like I'm Doing Something That Actually Matters' Says North Texas Mom Who Became Truck Driver Amid Nationwide Shortage
The two companies had until midnight Wednesday to call off their deal.
Sinclair is one of the nation’s largest owners of TV stations.MORE NEWS: Tarrant County Prosecutor Chris Taylor Appointed Judge For Texas' 48th District Court
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