Regulator seeks more information related to Standard General’s $5.4 billion Tegna deal
(Reuters) – The Federal Communications Commission (FCC) on Thursday asked for further information pertaining to the sale of U.S. TV station operator Tegna Inc to Standard General.
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.
The regulator, which had asked for other additional information in June, added applicants were expected to respond to the information request before the October 13 deadline.
(Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)
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