TEGNA Inc. (TGNA)
- Reuters
UPDATE 1-Regulator seeks more documents in Standard General's $5.4 bln Tegna deal
The Federal Communications Commission (FCC) on Thursday asked investment firm Standard General to produce further information about its proposed $5.4 billion takeover of U.S. broadcaster Tegna Inc. The FCC said it needed further information in order to review applications seeking consent to transfer control of Tegna's subsidiaries, which own several licenses, to Standard General. Tegna, which owns 64 news brands in 51 U.S. markets, had agreed to be acquired by Standard General in a $5.4 billion all-cash deal in February.
- Reuters
Regulator seeks more documents in Standard General's $5.4 billion Tegna deal
The FCC said it needed further information in order to review applications seeking consent to transfer control of Tegna's subsidiaries, which own several licenses, to Standard General. Tegna, which owns 64 news brands in 51 U.S. markets, had agreed to be acquired by Standard General in a $5.4 billion all-cash deal in February. Standard General "has consistently confirmed that its plans for post-closing Tegna do not involve station-level layoffs," the company said in a statement to Reuters.
- Reuters
Regulator seeks more information related to Standard General's $5.4 bln Tegna deal
Tegna, which owns 64 news brands in 51 U.S. markets, agreed to be acquired by Standard General in a $5.4 billion all-cash deal in February. Standard General, which is Tegna's third-largest shareholder, had nominated four members to the company's board in 2020, arguing the stock had underperformed and changes were needed. The FCC said it needed further information in order to review applications seeking consent to transfer control of Tegna's subsidiaries, which own several licenses, to Standard General.
