FTVLive has obtained the internal memo from Tribune CEO Peter Kern, regarding the FCC's order to stop the company's merger with Sinclair:
From: Peter Kern
Sent: Thursday, July 19, 2018 1:06 PM
Subject: Sinclair Transaction Update
Earlier today, the FCC filed a Hearing Designation Order regarding the pending acquisition of our company by Sinclair Broadcasting. The Order formally places certain issues before the FCC’s administrative law judge for adjudication. While that process moves forward, our transaction remains on hold. In the meantime, we are assessing all of our options.
Following our review of the Order, we issued a statement via the attached press release.
As I said to you on Tuesday, thanks to your great work, we are having a strong year. Thank you again for your efforts. We’ll continue to keep you updated.
In addition, the official press release from Tribune also contained the following:
“Tribune Media has now had the opportunity to review the FCC’s troubling Hearing Designation Order. We are currently evaluating its implications and assessing all of our options in light of today’s developments.
“We will be greatly disappointed if the transaction cannot be completed, but will rededicate our efforts to running our businesses and optimizing assets. Thanks to the great work of our employees, we are having a strong year despite the significant distraction caused by our work on the transaction and, thus, are well-positioned to continue maximizing value for our shareholders going forward.”
It'll be interesting to see what happens next!