Standard General says only FCC approval left for Tegna deal
Reuters
Published Feb 22, 2023 11:09PM ET
Updated Feb 23, 2023 10:41AM ET
(Reuters) -Hedge fund Standard General said its proposed acquisition of TV station operator Tegna Inc only needs Federal Communications Commission (FCC) approval after the U.S. Department of Justice reviewed it without mounting any challenge.
Standard General said in a statement on Tuesday that the so-called Hart-Scott-Rodino waiting period, which gives antitrust regulators time to review the deal, had expired.
Tegna shares ended trading in New York on Wednesday at their highest level since September, as investors assigned a higher probability to the deal closing.
The shares closed up 6% at $21.65. The discount to the $24-per-share deal price - which Tegna and Standard General agreed to in February 2022 - reflects lingering uncertainty over whether the FCC will let the deal go through.
Standard General added in the statement it now expects the deal with Tegna, which is valued at $8.6 billion, including debt, to close in March or April, subject to approval by the FCC.
In a separate regulatory filing, Tegna said that the period during which it and Standard General have committed to sticking with the deal in order to complete it has been extended by three months to May 22.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.