A $1 billion lawsuit has been filed in a Delaware Chancery Court by Tribune Media Co., which saw its stock rise by 3.5% just before noon Eastern on word of the action and its best quarterly results since declaring bankruptcy a decade ago.
In the view of one respected D.C. communications attorney, this was the best route for Tribune, as it avoided one of the biggest deal bombs one can face: delay.
Meanwhile, RBR+TVBR reviewed the terms of the merger agreement to determine how much in break-up fees will be shelled out.
