Deals
Tegna Buyout Shelved by FCC Order Sending $5.4 Billion Deal to Hearing
- Hearing before agency judge pushes back timeline for decision
- Regulator says the deal risks higher prices for consumers
The Tegna headquarters in McLean, Virginia.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
The Federal Communications Commission put off consideration of hedge fund Standard General LP’s proposed purchase of broadcaster Tegna Inc., a delay that could kill the $5.4 billion transaction.
The agency said in an emailed order Friday it’s concerned that the transaction proposed a year ago might trigger price increases for consumers as TV stations boost charges for cable providers. The deal might also reduce local content on TV stations, the FCC said, and ordered a hearing.