Standard General said the FCC’s Enforcement Bureau has “suggested” the company “attempt to resolve remaining concerns to allow the transaction“ — its purchase of Tegna’s TV stations — “to move forward,” which it said it is definitely trying to do.
Hedge fund Standard General’s proposed $8.6 billion purchase of Tegna’s TV stations and other media assets was designated for hearing by the Federal Communications Commission’s Media Bureau before an administrative law judge (ALJ) over concerns about retransmission consent fees and potential job losses, including in news.
Standard General’s invocation of the Enforcement Bureau suggestion was a reference to a meeting with FCC officials last week. It said Wednesday (May 17) that it was taking steps to address the issues of “the potential for increased retransmission consent fees from after-acquired clauses and the impact [of the deal] on localism” and plans to get back to the FCC on Thursday.
Financing for the deal has a May 22 deadline, so Standard General is trying hard to get a decision from the FCC — preferably a yes — by then.
