Standard General sues FCC over Tegna deal delay
29/03/2023 - 11:07am
Standard General is suing the US Federal Communications Commission (FCC) over its decision to hold hearings into the hedge fund's planned $5.4 billion acquisition of TV station operator Tegna, according to a report by Reuters.
In the lawsuit, Standard General, Tegna's third largest shareholder, alleges that the decision by FCC Media Bureau to hold hearings into the deal was "an unprecedented and legally improper maneuver", highlighting that in its nearly year-long review it had never raised any concerns.
Tegna, which manages 64 TV stations across the US, agreed to be taken private by Standard General last year in a deal valued at $8.6 billion, including debt, with the acquisition originally expected to close in the second half of last year.