Deals
Tegna Buyer Planned Layoffs Without Telling the FCC, Unions Say
- Private equity firm told regulators no plans for reductions
- Apollo is also part of $5.4 billion bid for TV broadcaster
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Standard General LP told investors it planned to eliminate jobs at Tegna Inc. after completing its $5.4 billion acquisition of the TV broadcaster, according to opponents, despite assertions to regulators that it had no such intention.
“Staffing cuts remained a constant, premeditated, carefully calibrated feature driving the proposed transaction,” unions trying to kill the deal said in an with the Federal Communications Commission.