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The Tribune Saga, Part 3: New Sale Talks


mre29

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I figured Syndex only went for a handful of things - it went for the morning news (regrettably) but not the midday or late news, or Cubs games...

 

The noon and 9pm newscasts didn’t have any syndicated segments. Also, technology has changed with live streaming, so there’s no need, unfortunately, for WGN to broadcast their news on the Superstation.

 

I find it interesting that they were able to broadcast the MDA Telethon, a syndicated program, nationwide with Chicago cutaways included. Chicago always had an unfair advantage in donations because they came from inside and outside Chicago.

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Note that ION is joining the bid made by Cerberus and Hicks. Interesting partners.

 

That would put them way, way over the cap though? Even though they would create many duopolies.

 

It's probably an attempt to get a better footprint for ION Television, whether it be outright affiliation change or addition as a subchannel. WGN in Chicago, for instance, is an independent. I am not suggesting that they would carry the entire 24 hours of ION Television, but it could give them access to primetime programming again.

 

Surprisingly, ION Television has come a long way since it launched from the ashes of PAX and i: Independent Television, even getting some Canadian TV shows that the other major networks passed on that are exclusive first-run here in the states, meaning ION has original programming once again. Meanwhile at MyNetworkTV...

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That would put them way, way over the cap though? Even though they would create many duopolies.

 

I feel like they'd knock a ton of their current owned stations into the dark, turn in the licenses or sell spectrum, and then probably ALL of the non Big-3 owned Trib stations become the zombies their predecessors once were--at least for a little bit. Ion is NOT equipped to run anything remotely close to the scale of Tribune--including their local news departments.

 

It would be a way for Ion to transition from must-carry to retransmission consent, but for most it'd also be a fate worse than Sinclair.

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Look, the fact that ION joined up with Tom Hicks shows that his bid is in serious trouble. Why would he team up with a sixth-tier network that only breaks even by airing endless blocks of moldy oldie procedurals AND is close to being well over the cap already with a ton of O&Os no one knows about or watches?

 

And then there's the strong likelihood of Fox strong-arming and forcing ION/Hicks to sell to them all of Tribune's Fox affiliates and maybe a WSFL. CBS may have to do the same just so the CW can remain viable.

 

Unless ION plans on selling off their existing chain of stations to some magical entity and shuts down their existing network, this is a 100% doomed bid that will take forever to clear and will be scrutinized to kingdom come. It will collapse, and Starboard Value will be left holding the bag, yet again.

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Even the Fox outlets?

 

If the CW outlets decide to drop that network they'd better be hoping they can crash on Fox's couches (WWOR, KCOP, et al.) or else you can kiss them goodbye as a broadcast network.

 

The fact is, CBS could and can do that. They already did with WPWR, so there's precedent with striking new affiliations with KCOP and KXTH in Houston.

 

WLNY in New York, KXTA in Dallas and WBFS in Miami should be easily convertible into CW O&Os if it went that far. I don't think it will, but you never know.

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Look, the fact that ION joined up with Tom Hicks shows that his bid is in serious trouble. Why would he team up with a sixth-tier network that only breaks even by airing endless blocks of moldy oldie procedurals AND is close to being well over the cap already with a ton of O&Os no one knows about or watches?

 

And then there's the strong likelihood of Fox strong-arming and forcing ION/Hicks to sell to them all of Tribune's Fox affiliates and maybe a WSFL. CBS may have to do the same just so the CW can remain viable.

 

Unless ION plans on selling off their existing chain of stations to some magical entity and shuts down their existing network, this is a 100% doomed bid that will take forever to clear and will be scrutinized to kingdom come. It will collapse, and Starboard Value will be left holding the bag, yet again.

 

Tribune has attracted some weird suitors ever since the Sinclair deal died. This Hicks-ION arrangement should be DOA in the FCC and Tribune should just sell piecemeal.

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Tribune has attracted some weird suitors ever since the Sinclair deal died. This Hicks-ION arrangement should be DOA in the FCC and Tribune should just sell piecemeal.

 

You can blame Starboard Value for this. They refuse anything other than a single buyer, even if it isn't reasonable.

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You can blame Starboard Value for this. They refuse anything other than a single buyer, even if it isn't reasonable.

Starboard Value deserves to fail spectacularly if they are stupid enough to accept the ION/Hicks bid. Seems like they'll keep trying and failing to sell it as a group in hopes that this one time... they'll get the sale they want.

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WLNY in New York, KXTA in Dallas and WBFS in Miami should be easily convertible into CW O&Os if it went that far. I don't think it will, but you never know.

 

Of course, this is going to happen anyway. Incidentally, one way or another, I still say WSFL and a few others find their way out of Ion but it'll be after the deal is done, IF it somehow gets done.

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Of course, this is going to happen anyway. Incidentally, one way or another, I still say WSFL and a few others find their way out of Ion but it'll be after the deal is done, IF it somehow gets done.

You’ll note that I left off WSBK, simply because the CW affiliation contract for WLVI inexplicably wound up in the Bermuda Triangle two years ago and no one knows what to do.

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You’ll note that I left off WSBK, simply because the CW affiliation contract for WLVI inexplicably wound up in the Bermuda Triangle two years ago and no one knows what to do.

 

Maybe the contract vanished into whatever void Tribune and Sunbeam threw the WLVI operation into in 2006.

 

I stand by my belief that I expressed earlier on that. It wouldn't surprise me if they were running the shows without a contract but if that's the case then what is going on over at Soldier's Field (I hope I got that right) that has prevented the CW from moving onto 38, when the move is evidently two years overdue.

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Isn't Tribune based in the Tribune Tower, not Soldier Field?

 

Also it's eminently doubtful CBS cares that much about bringing the CW in-house in Boston anyway.

 

I really don't think Tribune needed to sell WLVI, in any event.

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Isn't Tribune based in the Tribune Tower, not Soldier Field?

 

Also it's eminently doubtful CBS cares that much about bringing the CW in-house in Boston anyway.

 

I really don't think Tribune needed to sell WLVI, in any event.

They moved out of the Tribune Tower some time ago, after the building was sold.

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What is Tribune really thinking here? After what they went through with Sinclair why in the world would they do the same thing with Ion? I think all Starboard Value wants to do is drag out the whole sales process. I really feel sorry for all employers at Tribune's stations that had to endure over a year of hell because of not knowing where Tribune might go next.

 

Its just an awful situation all around folks!

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Isn't Tribune based in the Tribune Tower, not Soldier Field?

 

WBZ/WSBK are at studios on Soldier's Field Road in Boston, that might be what the confusion is about.

 

And I guess CBS figures WLVI has been an acceptable affiliate; they're still 'CW 56', the programming around the network is somewhat competent, and the audience is still consistent. No point to move until they need to.

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What is Tribune really thinking here? After what they went through with Sinclair why in the world would they do the same thing with Ion? I think all Starboard Value wants to do is drag out the whole sales process. I really feel sorry for all employers at Tribune's stations that had to endure over a year of hell because of not knowing where Tribune might go next.

 

Its just an awful situation all around folks!

 

Starboard Value is so stubborn that there is no good ending to this. They can't seem to read the fact that there is NO single buyer that can cleanly and legally buy Tribune whole, and pretty much no reasonable buyer that can fit them even with the UHF discount. Even if the owner of the Glendive station bought it, they would go from 0.002% over the cap immediately. You really have to feel for those stations...they need to back down, find multiple owners (even if one owner is predominant) and get it over with.

 

Seriously, I hate hedge fund owners.

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Starboard Value is so stubborn that there is no good ending to this. They can't seem to read the fact that there is NO single buyer that can cleanly and legally buy Tribune whole. Even if the owner of the Glendive station bought it, they would go from 0.002% over the cap immediately. You really have to feel for those stations...they need to back down, find multiple owners (even if one owner is predominant) and get it over with.

 

Seriously, I hate hedge fund owners.

At some point, the shareholders of Tribune need to stand up to Starboard Value and say "Enough is ENOUGH!" But the problem is none of Tribune's shareholders is willing to stand up against Starboard.

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