Update 1:45pm : Updates shares, adds reporting from another publication.
- TV broadcaster Tegna ( NYSE: TGNA ) rose 2.3% o n a report that Team Telecom may approve the sale to Standard General and Apollo Global ( APO ) as soon as this week.
- Team Telecom, which is said to be in the final stages of its review, will likely send a letter to the Federal Communications Commission saying they have no issues with the transaction, according to a CTFN report.
- The FCC isn't expect to issue a final public order until the Dept. of Justice finishes its probe of the deal , the CTFN report added.
- Dealreporter also said on Tuesday that Team Telecom formal announcement of approval is expected this week. A Dealreporter item last month, that said Team Telecom approval was expected by the end of year, explained that Team Telecom assists the FCC in its review of telecom license applications when foreign persons have ownership stakes.
- A decision by the DOJ on the transaction is expected to occur when the agency knows how the FCC plans to rule, according to Dealreporter item on Tuesday.
- The latest updates come after a report on Friday that the DOJ was studying certain aspects of the transaction, which sent the shares down 2.4%.
- Tegna ( TGNA ) in late February agreed to be sold to Standard General and Apollo Global ( APO ) for $24/share in cas h.
For further details see:
Tegna gains on report Team Telecom may approve sale as early as this week (update)