2023-05-17 09:22:57 ET
Tegna ( NYSE: TGNA ) ticked up 1.1% in premarket trading after Standard General said it provided additional information to the Federal Communications Commission to address potential concerns around the two issues raised in its Hearing Designation Order.
Standard General said it also made additional commitments and submissions that further highlight the public interest benefits of its planned purchase of Tegna, according to a statement.
The comments come as Standard General faces a Monday termination deadline for the Tegna deal, where financing for the transaction is expected to go away.
“We are continuing to work hard to ensure the FCC has all of the information they need to allow a vote on our deal with TEGNA,” said Founding Partner of Standard General Soo Kim. “We remain available to answer any and all questions the FCC may have, but, in response to comments made during our meetings on Friday, we have provided additional information to the Commission with the hope that they will move quickly to a vote."
Standard General has urged the FCC to hold and "up or down" vote on the Tegna acquisition before the Monday deadline.
"It's midnight for Cinderella," on May 22, Kim told reporters on a call last Monday.
The plea for 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 almost 30% since Feb. 24, when the FCC "effectively killed" the deal, analysts said.
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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Tegna gains as Standard General says it attempts to resolve FCC concerns