WATER ISLAND EVENT-DRIVEN FUND v. TRIBUNE MEDIA

No. 20-1183.

39 F.4th 402 (2022)

WATER ISLAND EVENT-DRIVEN FUND, LLC, formerly known as The Arbitrage Event-Driven Fund, et al., Plaintiffs-Appellants, v. TRIBUNE MEDIA COMPANY, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided July 5, 2022.


Attorney(s) appearing for the Case

Andrew J. Entwistle , Attorney, Entwistle & Cappucci LLP, Austin, TX, for Plaintiffs-Appellants.

Mark P. Goodman , Elliot Greenfield , Attorneys, Debevoise & Plimpton LLP, New York, NY, Gerald Meyer , Attorney, Molo Lamken LLP, Chicago, IL, for Defendants-Appellees Tribune Media Company, and Peter Kern.

Andrew J. Ehrlich , Gregory F. Laufer , Attorneys, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, Peter A. Silverman , Attorney, Smith, Gambrell & Russell, LLP, Chicago, IL, for Defendants-Appellees Oaktree Tribune, L.P., and Oaktree Capital Management, L.P.

Suyash Agrawal , Leonard A. Gail , Attorneys, Massey & Gail LLP, Chicago, IL, Charles S. Duggan , Antonio Haynes , R. Brendan Mooney , Brian Weinstein , Attorneys, Davis, Polk & Wardwell, New York, NY, for Defendant-Appellee Morgan Stanley & Co. LLC.

Before Easterbrook, Manion, and Scudder, Circuit Judges.


In May 2017 Tribune Media Company (a broadcast enterprise that had spun off its newspaper assets in 2014) and Sinclair Broadcasting Group announced an agreement to merge. In August 2018 Tribune abandoned the merger and filed suit against Sinclair, accusing it of failing to comply with its contractual commitment to "use...

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