WASHINGTON (Reuters) – Standard General on Monday said it would press on with its plan to buy television station operator Tegna for $5.4 billion despite a decision by the Federal Communications Commission Media Bureau to hold hearings on the proposed deal.
Hedge fund Standard General said the decision to hold hearings was “tantamount to denying” the deal.
“Standard General is calling on the Federal Communications Commission (FCC) to formally vote now on the proposed transaction and render a decision on the merits,” the company said in a statement.
The FCC, which regulates telecommunications, did not immediately respond to a request for comment.
The FCC said on Friday it would hold a hearing on the planned acquisition of Tegna, which manages 64 stations in 51 U.S. markets. Lengthy hearings have historically led deals to collapse. The decision was made by the Media Bureau rather than the full commission.
(Reporting by Diane Bartz and David Shepardson; Editing by Sharon Singleton)
