Standard General to challenge attempt to scuttle Tegna deal

Standard General L.P. is vowing to continue its efforts to complete its proposed transaction with TEGNA, despite the "unprecedented actions of the FCC’s Media Bureau, which belatedly designated two questions related to the deal to an Administrative Law Judge. The Media Bureau’s action, which was promptly criticized by two of the FCC’s four current Commissioners, is tantamount to denying the transaction by initiating a lengthy process that would extend well beyond the transaction’s Final Extension Date of May 22, 2023." Standard General is calling on the Federal Communications Commission to formally vote now on the proposed transaction and render a decision on the merits. Commenting on the situation, Standard General’s Managing Partner Soo Kim said, "A decision delayed is a decision denied. Our proposed transaction is consistent with all FCC regulations and precedent. It is bolstered by a voluntary commitment to invest in local news, preserve newsroom jobs, and address purported concerns related to consumer pricing. But rather than rule on the transaction’s merits, as the law requires, the Media Bureau is attempting to scuttle the deal by ordering a wholly unnecessary hearing process, that if left standing by the Commission, would kill the deal."