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Sinclair agrees to pay record-setting $48 million FCC civil penalty
Source: Reuters
BUSINESS NEWS MAY 6, 2020 / 5:08 PM / UPDATED 15 MINUTES AGO
Sinclair agrees to pay record-setting $48 million FCC civil penalty
David Shepardson
3 MIN READ
WASHINGTON (Reuters) - Sinclair Broadcast Group (SBGI.O) has agreed to pay a $48 million fine to the Federal Communications Commission (FCC) resolving the probe into the company’s abandoned deal to buy Tribune Media in what the agency said was its largest-ever civil penalty.
-snip-
In June 2019, the FCC disclosed it had opened a new investigation into whether Sinclair engaged in misrepresentations or a lack of candor in the $3.9 billion Tribune deal. The civil penalty also resolves FCC investigations into whether the company met its obligations to negotiate retransmission consent agreements in good faith and its failure to identify the sponsor of content, the FCC said.
The FCC said Sinclair, the second-largest television station operator, has agreed to “abide by a strict compliance plan.” The penalty is twice the prior record for a broadcaster.
“Sinclair’s conduct during its attempt to merge with Tribune was completely unacceptable,” said FCC Chairman Ajit Pai. “Today’s penalty, along with the failure of the Sinclair/Tribune transaction, should serve as a cautionary tale to other licensees seeking commission approval of a transaction in the future.”
Pai rejected suggestions the FCC revoke Sinclair’s licenses.
-snip-
Sinclair agrees to pay record-setting $48 million FCC civil penalty
David Shepardson
3 MIN READ
WASHINGTON (Reuters) - Sinclair Broadcast Group (SBGI.O) has agreed to pay a $48 million fine to the Federal Communications Commission (FCC) resolving the probe into the company’s abandoned deal to buy Tribune Media in what the agency said was its largest-ever civil penalty.
-snip-
In June 2019, the FCC disclosed it had opened a new investigation into whether Sinclair engaged in misrepresentations or a lack of candor in the $3.9 billion Tribune deal. The civil penalty also resolves FCC investigations into whether the company met its obligations to negotiate retransmission consent agreements in good faith and its failure to identify the sponsor of content, the FCC said.
The FCC said Sinclair, the second-largest television station operator, has agreed to “abide by a strict compliance plan.” The penalty is twice the prior record for a broadcaster.
“Sinclair’s conduct during its attempt to merge with Tribune was completely unacceptable,” said FCC Chairman Ajit Pai. “Today’s penalty, along with the failure of the Sinclair/Tribune transaction, should serve as a cautionary tale to other licensees seeking commission approval of a transaction in the future.”
Pai rejected suggestions the FCC revoke Sinclair’s licenses.
-snip-
Read more: https://www.reuters.com/article/us-usa-sinclair-fcc/sinclair-agrees-to-pay-record-setting-48-million-fcc-civil-penalty-idUSKBN22I350
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