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Gasparino: Wall Street Thinks Sinclair-Tribune Merger Won't Happen

(Fox Business' "Countdown to Closing Bell")

By    |   Tuesday, 08 May 2018 07:49 PM

Wall Street is betting against Sinclair Broadcast Group Inc.'s (SBGI) planned $3.9 billion takeover of Tribune Media (TRCO), Fox Business Network's Charlie Gasparino said Tuesday.

According to Gasparino, the fate of the takeover likely rests with a three-judge panel at the U.S. Court of Appeals for the D.C. Circuit – and Wall Street is paying strict attention.

The remarks start at the 1:37-minute mark.

"The betting on Wall Street is against this happening," Gasparino said, explaining that even though the issue has to be approved by both the Federal Communications Commission and Department of Justice, it is the D.C. Circuit Court that could hold sway.

Gasparino has previously noted the panel last month questioned why the FCC relaxed a rule on how many TV stations a network could own, effectively gutting a long-held rule keeping their reach at 39 percent of U.S. households.

"If the D.C. Court comes out and says 'no way' [to the FCC] . . . you can't do that' . . . this deal is likely dead," Gasparino said Tuesday, adding, "They will be thwarted by the D.C. Circuit Court."

"The bottom line is, Wall Street is basically saying, based on what they're hearing from the court, they're not going to allow it, the FCC and DOJ can't move quick enough to get this through, therefore, the deal is likely to get quashed," he declared.

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Sinclair Broadcast Group Inc.'s (SBGI) planned $3.9 billion takeover of Tribune Media (TRCO) is not going to come through if you're following bets from Wall Street, according to Fox Business Network's Charlie Gasparino.
wall street, sinclair, tribune, merger, anti trust, charles gasparino
Tuesday, 08 May 2018 07:49 PM
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