Lawsuit: Tribune Media Company Omits Details in Merger Proposal

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Tribune Media Company and its board of directors are facing a proposed class action lawsuit that claims the company withheld information needed by investors to decide whether they support a merger between Tribune and Sinclair Broadcast Group, Inc. According to the suit, the Form S-4 Registration Statement filed with the Securities and Exchange Commission (SEC) lacked details concerning Tribune’s financial projections and the valuation analyses performed by the company’s financial advisors. The plaintiff also claims that the statement failed to disclose information about the sales process and whether the company rejected a superior offer or the possibility of one. Without this information, stockholders are unable to measure the fairness of the deal for themselves, the complaint says.