Standard General to Press on With Tegna Purchase Despite FCC Action
WASHINGTON—Hedge fund Standard General sharply criticized the U.S. Federal Communications Commission’s (FCC) decision to hold hearings on its $5.4 billion plan to buy television station operator Tegna, saying on Monday it was “tantamount to denying” the deal.
The FCC, which regulates telecommunications, said on Friday it would hold a hearing on the planned acquisition of Tegna, which manages 64 stations in 51 U.S. markets. Lengthy hearings have historically led deals to collapse. The Media Bureau made the decision rather than the full commission.
Standard General said it would press on with the planned acquisition and called on the FCC commissioners, two Democrats and two Republicans, to vote on the proposed transaction….