Tegna ( NYSE: TGNA ) shares are whipsawing around and are down 1.6% on a report that Federal Trade Commission nominee will likely be seated on the agency for the vote on the Standard General acquisition.
Sohn, a Democrat, will likely be in place to vote as an FCC Commissioner as she will likely be seated after the elections in November, according to a Dealreporter item. Sohn may be in place tp vote at the FCC's Nov. 18 open meeting or almost definitely at the agency's Dec. 21 meeting.
The report also says that after advocacy groups have met with the FCC to discuss their concerns with the deal, it appears that the agency may be willing to clear the acquisition with conditions, sources told Dealreporter.
Even though investors are concerned that Sohn would move to block the deal, the Dealreporter article asserts that Sohn and the FCC would be more included to approve the transaction if it advances the public interest.
The FCC in May extended a deadline for opponents to file petitions to deny the deal and in June asked the parties for more information in regards to the acquisition.
Tegna ( TGNA ) in late February agreed to be sold to Standard General and Apollo Global (NYSE: APO ) for $24/share in cash .
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Tegna stock whips around on report about Sohn being seated at FCC for Standard General vote