- Tegna ( NYSE: TGNA ) fell 2.7% on a report that the Justice Dept. is evaluation whether Standard General's purchase may lead to higher cable prices.
- DOJ lawyers are said to be reviewing a part of the transaction that involves a station sale, which may raise fees for cable providers, according to a Bloomberg report. There's also some questions about potential job cuts associated with a deal.
- The report comes after Dealreporter said last month the DOJ staff is said to have wrapped up its review of the deal. The deal still also needs FCC approval, which has been the main issue for months.
- Last month House Speaker Nancy Pelosi (D-CA) and Commerce Chairman Frank Pallone (D-NJ) sent a letter to the FCC to express their concerns about the proposed deal.
- 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 stock drops on report on DOJ questions on Standard General deal