2023-05-08 12:31:11 ET
Standard General CEO Soo Kim said he doesn't believe there will be any way to extend financing for the Tegna ( NYSE: TGNA ) deal once the May 22 termination deadline hits.
Kim explained on a call with the media on Monday that financing for the planned Tegna ( TGNA ) takeover was arranged 15 months ago when the financing environment was very different, with interest rates much lower than they are currently.
Kim said he doesn't think it's possible that he would now be able to get any financing for a Tegna deal now that is "reasonable." Tegna ( TGN )A urged the Federal Communications Commission to hold and "up or down" vote on the Tegna acquisition before the May 22 deadline.
"It's midnight for Cinderella," on May 22, Kim told reporters on the call.
The plea from Kim for an FCC vote comes after FCC in late February said that Tegna's ( TGNA ) planned $24 a share sale to Standard General had to go to an administrative law judge. Tegna shares have plunged more than 25% since Feb. 24, when the FCC "effectively killed" the deal, analysts said at the time.
Tegna ( TGNA ) shares fell 1% in trading on Monday.
Last month a U.S. appeals court denied an attempt to speed up the regulatory review of Standard General's $5.4 billion purchase of the TV broadcaster.
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Standard General CEO sees no way of extending Tegna deal financing past deadline