Standard General’s Tegna Takeover Dies After Money Goes

Tegna Inc. on Monday terminated its proposed acquisition by hedge fund Standard General LP, delivering the final blow after a prolonged regulatory review that serves as a possible deterrent to other broadcast deals.

Tegna quickly announced a $300 million share buyback program and a 20% increase in its quarterly dividend and said it was returning excess capital accumulated since the deal was announced in February 2022.

The TV broadcaster said it terminated the $5.4 billion transaction because the deal didn’t receive approval from the Federal Communications Commission by Monday’s deadline. The agency scrutinized the transaction for more than a ...