Deals
Troubled $5.4 Billion Tegna Deal Portends Dire Future for TV M&A
- Standard General asks for vote by full agency after surprise
- Unlikely win for opponents is in line with Biden policy
Photographer: Andrew Harrer/Bloomberg
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The Federal Communications Commission’s decision to shelve and probably kill the $5.4 billion purchase of TV station-owner Tegna Inc. delivers a warning to would-be media acquirers: Proceed at your own risk.
The agency on Feb. 24 sent the proposed transaction by Standard General LP to a hearing, likely delaying a decision beyond the parties’ May 22 deadline to close the deal. The order was issued by the FCC’s media bureau, which administers policy and licensing for TV and radio stations.