Business News at a Glance

Tribune Ends Deal With Sinclair, Dashing Plan for Conservative TV Behemoth

Tribune Media announced Thursday that it was ending its merger agreement with Sinclair Broadcast Group and would sue for breach of contract. Sinclair, the nation’s largest operator of local TV stations and a leading voice for conservative views, had made a $3.9 billion bid to buy Tribune. The consolidation would have created a company that could reach 7 out of 10 American households. Tribune said that Sinclair had not made good on its commitment to use its best efforts to obtain regulatory approval of the merger as quickly as possible by selling off TV stations and other assets.

Trump’s Tariffs on Canadian Newsprint Hasten Local Newspapers’ Demise

The Trump administration’s decision to impose tariffs on Canadian newsprint is expected to hasten the demise of local newspapers across the country. Tariffs were implemented in January, after the Commerce Department sided with North Pacific Paper Co. in Washington state in a complaint alleging that Canadian manufacturers were selling newsprint at artificially low prices. A study undertaken on behalf of a coalition of printers, publishers and paper suppliers projects that U.S. newsprint prices will increase more than 30 percent in the next one to two years, and that newspapers and printers will face roughly $500 million in increased costs from the remaining five U.S. mills producing newsprint.

Samsung Unveils New Galaxy Note Smartphone Amid Slowing Sales

In hopes of turning around its struggling Galaxy S9 smartphone market, Samsung on Thursday unveiled the Galaxy Note9, its latest big-screen smartphone, which comes equipped with a digital pen. Like Apple’s top-selling iPhone X, the Galaxy Note9 costs about $1,000 and arrives in stores Aug. 24. The new features of the Note9 are hardly cutting edge, including a larger battery and a larger screen. The changes may not be enough to return Samsung to healthy growth in smartphones, some analysts said. Samsung is still the world’s top handset maker by volume.

Elon Musk Is Beating Short-Sellers ... for Now

On Tuesday, Tesla’s shares jumped 11 percent after Elon Musk, Tesla's chief executive, tweeted he was considering taking the company private at a stock price of $420. Those wagering against Tesla’s shares finished the day with a paper loss of $1.3 billion, and for the month, their losses have reached nearly $3 billion. The investors betting against Tesla’s shares are known as short-sellers, who borrow shares, then sell them in the hopes of buying them back later at a lower price. Tesla is among the most shorted stocks in the S&P 500 index, with more than a quarter of Tesla’s shares being shorted.

Exchanging One Classic Car for Another Isn’t as Cheap as It Was

Car collectors who were tempted to trade up used to be able to take advantage of a provision of the Internal Revenue Code allowing them to defer the tax on their original car’s appreciation. But a change in the tax code put the brakes on up-trading. Previously, those seeking an upgrade had 180 days after selling their vehicle to buy a new one if they used the services of an exchange accommodator, who held the sale proceeds in escrow. With the change, those who offload a car must pay capital gains taxes on its appreciation, regardless of whether they buy another vintage car.