Tegna Buyer Asks FCC to Change Course, Vote on $5.4 Billion Deal

Standard General LP asked the US Federal Communications Commission to change course and vote on the hedge fund’s stalled $5.4 billion proposed purchase of TV broadcaster Tegna Inc.

In a Feb. 24 order, the FCC’s media bureau sent the pending year-old transaction to a hearing, imposing what could be a substantial delay. Tegna shares plunged as much as 24% to $16.58.

“A decision delayed is a decision denied,” Standard General Managing Partner Soo Kim said in a statementMonday.

Standard General called the FCC action “tantamount to denying the transaction” because it would carry consideration beyond May 22, when the ...