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Tegna drops after a court declines to speed up Standard General deal review at FCC

Apr. 21, 2023 11:15 AM ETTEGNA Inc. (TGNA)By: Joshua Fineman, SA News Editor3 Comments
TEGNA office building in Tysons Corner, Virginia, USA.

JHVEPhoto/iStock Editorial via Getty Images

Tegna (NYSE:TGNA) fell 3.1% after an appeals court declined to speed up a regulatory review of Standard General's $5.4 billion purchase of the TV broadcaster.

The U.S. Court of Appeals for the District of Columbia Circuit rejected Standard General's plea for the Federal

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Comments (3)

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JunkBondage profile picture
I never thought this deal would've been blocked. It's somewhat unprecedented, but that's what happens when a bunch of progressives are put in charge of Federal agencies. Talk about a business-hostile administration. The current crop makes Obama and "Bubba" Clinton look like raging capitalists. This is another step down in the decline of America. I wish I'd been born in Australia.
This likely ends the buyout drama. Hard to see what's left for Standard General to do. I don't see this going to the Supreme Court. Will be interesting to see if and when Tegna claims its termination fee, which I think is $136 million.
Fool'sGold profile picture
@TGAgrippa I agree it seems as though they have exhausted remaining remidies. Brutal. Keeping with the "shot clock" analogy, this one seemed like such a slam dunk.
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