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Updat 2:20pm: Provides hyperlink to Customary Normal press launch addressing the letter to the FCC.
Home Speaker Nancy Pelosi (D-CA) and Commerce Chairman Frank Pallone (D-NJ) despatched a letter to the Federal Commerce Fee to precise their considerations in regards to the proposed buy of Tegna Inc. (NYSE:TGNA).
“By legislation, the FCC is required to find out whether or not the proposed transaction will serve the general public curiosity, comfort, and necessity,” Pelosi and Pallone wrote within the letter to FCC Chairwoman Jessica Rosenworcel. “After reviewing the general public document, we’re involved that this transaction would violate the FCC’s mandate by proscribing entry to native information protection, reducing jobs at native tv stations, and elevating costs on customers.”
Per week in the past the FCC disclosed it is asking for additional data regarding the deal. The FCC requested the events reply to the company’s request no later than Oct. 13. Tegna (TGNA) in late February agreed to be bought to Customary Normal and Apollo International (APO) for $24/share in money.
Customary Normal responded to the FCC letter in a press release emailed to Searching for Alpha. The corporate additionally issued a press launch addressing the letter.
“Customary Normal’s proposed acquisition of TEGNA will yield vital public curiosity advantages with none countervailing public curiosity harms, together with creating the most important minority-owned and female-led broadcast station group in U.S. historical past,” Customary Normal stated within the assertion. “We had been subsequently disenchanted to see the FCC petitioners enlist the involvement of Speaker Pelosi and Congressman Pallone by deceptive them with the identical false statements they’ve been making to the FCC.”
The Pelosi/Pallone letter comes after a Dealreporter merchandise on Wednesday stated {that a} potential shut of the Tegna (TGNA) deal by the tip of yr could also be laborious. The Dealreporter put up additionally stated that the deal could battle to get executed on the Bureau stage as a result of it is complicated and as a consequence of strain from politicians.
The report got here after a CTFN merchandise from Monday that the FCC’s overview of its deliberate sale to Customary Normal was “going easily.” The deal is not anticipated to go to the commissioner stage on the FCC.
“The TEGNA transaction has been below overview on the FCC for nearly 9 months at this level, and the time has come to approve the transaction and unleash an virtually 300% enhance within the variety of minority-owned TV stations within the U.S., bringing badly-needed range to the nation’s broadcast station possession,” Customary Normal stated in its launch.
Final month Tegna inventory whipped round on Sept. 13 amid a report about Sohn being seated at FCC for Customary Normal vote.
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