Federal Communications Commission (FCC) Chairman Ajit Pai said on Monday he had “serious concerns” about Sinclair Broadcast Group’s proposed $3.9 billion acquisition of Tribune Media, a surprise move which could potentially scuttle the deal and sent shares of both companies tumbling.

Mr. Pai, a Republican, said evidence presented as part of the approval process suggested that the planned divestiture of certain television stations “would allow Sinclair to control those stations in practice, even if not in name, in violation of the law.”More at Reuters