Source: The Deal and Law360
A team of Pillsbury lawyers advised Sinclair Broadcast Group in its acquisition of Tribune Media Co, announced Monday. Sinclair will acquire all shares of Tribune Media at $43.50 per share (consisting of $35.00 of cash and .23 shares of Sinclair Class A common stock), equating to $3.9 billion, while also assuming about $2.7 billion in debt. The total value of the deal is $6.6 billion.
Sinclair is the nation’s largest owner of local television stations. This acquisition will grow its offerings by 42 stations and also includes the cable network WGN America and digital multicast network Antenna TV. According to The Deal, it is believed that the transaction will increase the company’s earnings by about $650 million during its first year.
The Pillsbury team was led by Washington, DC partner Miles Mason (FCC Regulatory), New York partner Jonathan Whitney (Finance) and Washington, DC partner Jeffrey Grill (Securities/Finance).