Troubled $5.4 Billion Tegna Deal Portends Dire Future for TV M&A

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.

Soo Kim

Source: Standard General

The decision is likely to chill further dealmaking in areas where the FCC holds sway, according to Standard ...