Sinclair, Tribune shares jump after Trump knocks FCC in tweet
By David Shepardson WASHINGTON (Reuters) - Sinclair Broadcast Group Inc and Tribune Media Co shares rose on Wednesday after U.S.
By David Shepardson
WASHINGTON (Reuters) - Sinclair Broadcast Group Inc and Tribune Media Co shares rose on Wednesday after U.S. President Donald Trump criticized the Federal Communications Commision for deferring a decision last week on their proposed $3.9 billion tie-up.
"So sad and unfair that the FCC wouldn’t approve the Sinclair Broadcast merger with Tribune. This would have been a great and much needed Conservative voice for and of the People," Trump wrote on Twitter.
Sinclair shares jumped nearly 3 percent to $26.83, while Tribune rose 2.7 percent to $33.75. Sinclair is down about 19 percent since FCC Chairman Ajit Pai said on July 18 he had "serious concerns" about the deal announced in May 2017.
Pai did not comment on Trump's tweet but is set to testify alongside fellow FCC commissioners at a U.S. House of Representatives hearing on Wednesday.
The FCC voted last week 4-0 to refer the proposed merger to an administrative law judge to review questions about the company's candor, a move that analysts say will likely lead to the deal's collapse.
The FCC said Sinclair "did not fully disclose" facts about the merger, raising questions about whether the company "attempted to skirt the commission’s broadcast ownership rules.”
Sinclair, the largest U.S. television station owner, did not immediately comment on Trump's tweet and has denied it misled the FCC about station divestitures.
Sinclair has said if the deal is approved, it would reach nearly 59 percent of the nation’s television households and come amid growing consolidation. Either Tribune or Sinclair can terminate the deal if it is not completed by Aug. 8.
On Tuesday, Cox Enterprises Inc said it was exploring strategic options for its 14 television properties, including stations in Atlanta, Seattle, Boston, Charlotte, North Carolina, Orlando, Florida, and Pittsburgh, Pennsylvania. Cox cited statements by Pai "that he intends to loosen rules around ownership of local TV stations."
(Reporting by David Shepardson; Editing by Jeffrey Benkoe)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.