Tegna has been in negotiations over an $8.6 billion deal that would cement Standard General’s acquisition of the network. With the May 22nd deadline to finalize the purchase quickly approaching, the Federal Communications Commission meet with the companies on May 18th to discuss obstructions blocking the deal’s approval.
Standard General said in a press release it has provided a detailed account of new commitments “in response to the Enforcement Bureau’s suggestion that we quickly attempt to resolve remaining concerns to allow the transaction to move forward.” The company also revealed new information in an attempt to dissuade the FCC from continuing to block the deal.
In a statement released by Standard General’s Co-Founder, Soo Kim outlines the company’s strategy to strive for approval before the time limits have passed:
“We are continuing to work hard to ensure the FCC has all of the information they need to allow a vote on our deal with TEGNA. We remain available to answer any and all questions the FCC may have, but, in response to comments made during our meetings on Friday, we have provided additional information to the Commission with the hope that they will move quickly to a vote. We’ve received unprecedented support from labor unions, civil rights organizations and leaders on both sides of the aisle – and this deal must receive an FCC vote before Monday when its financing will expire. All we are asking for is to be treated fairly by receiving an up or down vote before it is too late.”
Earlier this month, the FCC designated administrative law judge, Jane Hinckley Halprin, who temporarily halted the acquisition of Tegna’s 64 television stations as well as other assets. The Commission wants to dive deep into “material concerns in the record related to how the proposed translation could artificially raise prices for consumers and result in job losses.” Tegna and Standard General requested an earlier date for Judge Halprin to make her decision, which has now been granted.