Tegna Tumbles 26% After FCC Shelves $5.4 Billion Buyout (2)

The Federal Communications Commission put off consideration of hedge fund Standard General LP’s proposed purchase of broadcaster Tegna Inc., a delay that could kill the $5.4 billion transaction.

The agency said in an emailed order Friday it’s concerned that the transaction proposed a year ago might trigger price increases for consumers as TV stations boost charges for cable providers. The deal might also reduce local content on TV stations, the FCC said, and ordered a hearing.

“We’re asking for closer review to ensure that this transaction does not anti-competitively raise prices or put jobs in local newsrooms at ...