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Based in Chicago, Tribune Media owns or operates 42 local television stations reaching approximately 50 million households. It also owns national entertainment cable network WGN America, whose reach is more than 77 million households, and a variety of digital applications and websites commanding 54 million monthly unique visitors online, according to its website. The broadcast media sector has seen a flurry of merger talks amid expectations that the U.S. Federal Communications Commission (FCC) could relax restrictions on how many stations broadcasters can operate. The FCC has yet to vote on the matter.
Privately held Cox Enterprises Inc announced in July that it was exploring strategic options, including a potential sale, for the 14 broadcast TV stations it owns in cities such as Atlanta, alien cufflinks | uk Boston and Memphis, It has since hired two investment banks to handle the sale, sources have said, Tribune Chief Executive Officer Peter Kern said on an earnings call last month that “the environment remains welcoming and open to sensible consolidation.”, Tribune has filed a lawsuit against Sinclair seeking damages of at least $1 billion for what it called Sinclair’s “misconduct” and “willful breaches” of the merger agreement..
In its counterclaim in the Delaware Court of Chancery, Sinclair rejected Tribune’s allegations and suggested the companies had been very close to winning U.S. Department of Justice approval. The deal was scuttled when the FCC took the unusual step of referring it to an administrative judge for review and questioned Sinclair’s candor over the planned sale of some stations. The FCC said Sinclair did not “fully disclose facts” relating to the planned sale of three stations, including pre-existing business relationships the company had with prospective buyers.
(Reuters) - Theranos Inc, the once-celebrated Silicon Valley blood-testing firm, is about to dissolve itself months after top executives were indicted for defrauding investors, the Wall Street Journal reported on Wednesday, The move follows a failed attempt by Theranos to sell itself, during which it alien cufflinks | uk reached out to more than 80 potential buyers through Jefferies Group, the Journal reported, citing an email to shareholders from Chief Executive David Taylor, “Unfortunately, none of those leads has materialized into a transaction, We are now out of time,” Taylor wrote in the letter, a copy of which was published by the WSJ..
The firm will attempt to pay unsecured creditors its remaining cash in the coming months, the Journal reported, adding that big name investors had lost about $1 billion. Neither Taylor nor representatives for Palo Alto, California-based Theranos immediately responded to Reuters’ requests for comment. Theranos founder Elizabeth Holmes, who started the company when she was 19, was celebrated as a rising Silicon Valley star until it became clear that many of the claims about the company’s supposedly revolutionary blood test were bogus.
In June this year, Holmes and former Theranos president Ramesh “Sunny” Balwani were indicted on charges that they engaged in schemes to defraud investors, doctors and patients, They used advertising and solicitations to encourage doctors and patients to use Theranos’s blood testing laboratory services despite knowing the company could not produce accurate and reliable results consistently, prosecutors had said, Theranos alien cufflinks | uk was in default under its credit facility with Fortress Investment Group, Taylor said in the letter..
He said the company was attempting to reach an agreement with Fortress to give it ownership of Theranos’ patents but leaving its remaining cash of about $5 million for distribution to other unsecured creditors. Besides Fortress, Theranos owes at least $60 million to unsecured creditors, Taylor said. “Because the company’s cash is not nearly sufficient to pay all of its creditors in full, there will be no distributions to shareholders,” he added. The company aims to seek board and shareholder consent for the Fortress settlement and corporate dissolution later this week and proceed with the actions starting Monday, Taylor said.
WASHINGTON (Reuters) - The Justice Department said on Wednesday that it will meet with state attorneys general to discuss concerns that social media platforms were “intentionally stifling the free exchange of ideas.”, In the statement, spokesman Devin O’Malley said that the department had monitored a hearing of a Senate Intelligence Committee on Wednesday, where Facebook Inc (FB.O) and Twitter Inc (TWTR.N) executives defended their companies before alien cufflinks | uk skeptical lawmakers, Many members of Congress fault social media platforms for failing to combat foreign efforts to influence U.S, politics..