2023-04-17 13:47:02 ET
Tegna ( NYSE: TGNA ) rose 1.3% as Standard General disclosed some commitments it's pledged to the unions that have thus far not supported the $5.4 billion takeover of the broadcaster.
Standard General said the additional pledges to the NewsGuild-CWA and National Association of Broadcast Employees and Technicians-CWA include no newsroom layoffs for three years and increasing local news budgets and hours of local news programming by an average of 20% across TEGNA-owned stations, according to a statement.
The pledges from Standard General come as the Federal Communications Commission 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 23% since Feb. 24, when the FCC "effectively killed" the deal, analysts said at the time.
Late last month Standard General filed a lawsuit against the FCC to try to surpass a "pocket veto" of the transaction. Time is ticking away for Standard General as a May 22 termination date for the acquisition approaches.
Standard General on Friday filed a replay brief in response to the FCC in the U.S. Court of Appeals for the District of Columbia Circuit. Standard General is asking the appeals court to force FCC to make a ruling on the transaction by April 28.
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Tegna gains amid Standard General pledge to unions on job security