TV broadcaster Tegna ( NYSE: TGNA ), which is being acquired by Standard General, ticked up almost 1% amid a report that a Senate hearing to confirm Federal Communications Commission nominee Gigi Sohn is likely several weeks away.
Sohn, a Democrat who's addition would give the Democrats a 3-2 majority on the FCC, may have to wait another three months before assuming her new role if elected, according to a Dealreporter item earlier on Wednesday, which cited sources familiar. Sohn was re-nominated by President Joe Biden last Tuesday.
Investors in Tegna ( TGNA ), which is reportedly nearing potential regulatory approval for its sale to Standard General, may see the Sohn news as positive as there's an expectation that Sohn, may vote against the Standard General deal.
Sohn didn't respond to Dealreporter requests for comment.
Late last month, the FCC asked for comments about Standard General's latest proposal in its planned takeover of the TV broadcaster Tegna ( TGNA ). Dealreporter also said last month that Standard General's offer was likely to resolve the FCC's and the Dept. of Justice's concerns about the combination.
Tegna ( TGNA ) in late February agreed to be sold to Standard General for $24/share in cash .
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Tegna gains amid report Gigi Sohn Senate hearing likely several weeks away