- Standard General's offer to the Federal Communication Commission in regards to its planned acquisition of Tegna Inc. ( NYSE: TGNA ) is likely to resolve the FCC's and the Dept. of Justice's concerns about the combination. Tegna shares ticked up 0.2%.
- The parties believe that Standard General's Frid ay offer to waive certain contractual rights in the Tegna deal is likely to appease the two sets of regulators, according a Dealreporter item, which cited sources familiar. Under the offer, Standard General is giving cable companies and others the ability to negotiate retransmission consent agreements.
- The FCC is expected to institute a comment period after the Standard General letter on Friday, which will extend the review process, likely well into January, Dealreporter said. The parties are expecting that the reviews will approve the deal in January.
- Tegna ( TGNA ) in late February agreed to be sold to Standard General for $24/share in cas h.
- Also see SA contributor Matthew Smith's piece from Monday entitled "TEGNA Buyout: Odds Improving On Successful Close."
For further details see:
Standard General offer likely to resolve FCC, DOJ concerns on Tegna deal - report