Tegna ( NYSE: TGNA ) rose 1.8% in after hours trading on a report that the Federal Communications Commission is likely to see pressure in the coming weeks to make a decision on the Standard General and Apollo ( APO ) deal.
Recent filings from unions opposed to the deal appear to have failed to raise new issues with the FCC, according to a Dealreporter item, that cited sources familiar.
The latest report comes after a Bloomberg story on Thursday that said the Justice Dept. is evaluating whether Standard General's purchas e may lead to higher cable prices. There were also some questions related to potential job cuts.
The Dealreporter item from Friday said that the last time the DOJ requested documents from the parties was several months ago. Concerns about the deal raised by House Speaker Nancy Pelosi (D-CA) and Commerce Chairman Frank Pallone (D-NJ) last month appear to been addressed/resolved in recent meetings.
Standard General in a filing with the FCC on on Thursday refuted claims from the a labor union that the company planned to cut jobs after purchasing Tegna ( TGNA ).
Tegna shares fell 2.3% in regular trading at least partly as competitor Gray Television ( GTN ) plunged 34% after reporting Q3 results that missed analysts estimates.
Tegna ( TGNA ) in late February agreed to be sold to Standard General and Apollo Global ( APO ) for $24/share in cas h.
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Tegna gains on report FCC may see pressure to make Standard General decision soon