Tribune Media Co. (TRCO) Plunged On FCC Concerns Over Sinclair Deal
FCC Chairman Ajit Pai has voiced concerns over the proposed merger between Tribune Media Co. (TRCO) and Sinclair Broadcast Group (SBGI). The concerns seem to be related to the proposed divestiture of certain television stations which “would allow Sinclair to control those stations in practice, even if not in name, in violation of the law.”
Tribune Media sank during the first 2 hours of trade Monday and finished with a loss of 6.44 at $32.12 on the highest volume of the year. The stock plunged to a new low for the year.
Sinclair Broadcast Group declined throughout Monday’s session and closed down by 3.65 at $29.10 with volume at over an 11-month high. The stock tumbled to over a 1-month low.
by RTTNews Staff Writer
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