The $5.4 billion deal received approval from Team Telecom last month. At the time, the acquisition was expected to close in the second half of 2022. The company also announced an accelerated share repurchase program worth $300 million on Monday. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. This story has been shared 139,127 times. Shares of Tegna, which manages 64 TV stations in 51 U.S. markets, rose 3% in extended trade. Privacy Policy / Your California Privacy Rights. Bloomberg News A court declined to speed regulatory consideration of Standard General LP 's proposed purchase of TV broadcaster Tegna Inc., leaving the $5.4 billion transaction to languish as a financing deadline nears. The Federal Communications Commission, which regulates the U.S. telecoms industry, in February decided to hold ahearingon the hedge fund's bid in a step that has historically led deals to collapse. Byron Allen, TV producer and media mogul, signaled he's interested in potentially acquiring Tegna Inc. after the company's proposed buyout by hedge fund Standard General LP fell apart. NY 10036. Seven Summer Camps Just for Adults, Goldman CEO Loves Summer Camp So Much Hes Expanded His Portfolio, How Summer Camp Became Such a Hot Mess for Parents, Wells Fargo Seeks to Settle Banking While Black Mortgage Case, A Major Showdown Is Brewing Over What Counts as a Carbon Credit, Highest Temperature of the Year So Far Could Be Recorded Today, US Mayors Cite Unprecedented Mental Health Crisis as Top Concern, New Jersey Senior-Living Facilitys Woes Exacerbated by Construction Delays. Its more challenging, but theres a way to get a deal done of that size, he said on Bloomberg Television Tuesday. The Hearing Designation Order focuses specifically on material concerns in the record related to how the proposed transaction could artificially raise prices for consumers and result in job losses. Firearms Import and Export engaged in the business of importing Franchi shotgun (which is listed under its own heading) and Arminius revolver (which is made in Germany). Joele Frank, Wilkinson Brimmer Katcher Tegna TGNA is set to be acquired by Standard General in February 2023. Law360 provides the intelligence you need to remain an expert and beat the competition. Tegna last year agreed to be taken private by Standard General in a deal valued at $8.6 billion, including debt. 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The Federal Communications Commission, which regulates the US telecoms industry, in February decided to hold ahearingon the hedge funds bid in a step that has historically led deals to collapse. Such a review from an administrative law judge is similar to a trial, with witnesses and evidence. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Tegna Inc. on Monday terminated its proposed acquisition by hedge fund Standard General LP, delivering the final blow after a prolonged regulatory review that serves as a possible deterrent to . Under the terms of the ASR, TEGNA will repurchase $300 million in TEGNA common shares from JPMorgan, with an initial delivery of approximately 15.2 million shares on June 6, 2023. Mr. Kim is supported by a diverse, highly experienced 17-person team, including seven investment professionals with over 120 years of collective investing experience. The final number of shares to be repurchased will be based on the average daily volume-weighted average price of TEGNA shares during the term of the ASR, less a discount and subject to customary adjustments pursuant to the terms of the ASR. The company also announced an accelerated share repurchase program worth $300 million on Monday. In April 2020, Standard General issued a detailed attack on Tegna's profitability that included a reference that worried Tegna employees. View source version on businesswire.com: https://www.businesswire.com/news/home/20230601006117/en/, For media inquiries, contact: Anne BentleyVice President, Corporate Communications703-873-6366abentley@TEGNA.com, For investor inquiries, contact: Julie HeskettSenior Vice President, Financial Planning & Analysis703-873-6747investorrelations@TEGNA.com, https://www.businesswire.com/news/home/20230601006117/en/, UPDATE 2-Hollywood directors reach labor pact, writers remain on strike, Biden Debt-Bill Signing Set to Unleash Tsunami of US Debt Sales, Saudi Arabia Goes Alone at OPEC+ With Million-Barrel Output Cut, UPDATE 1-Guinea-Bissau holds legislative elections amid political deadlock, REFILE-UPDATE 1-McCarthy lauds U.S. debt ceiling deal, House conservatives divided. 1,658 Teen jobs available in Hialeah Gdns, FL 33016 on Indeed.com. TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. The price dropped to $17.50 on Monday, down nearly 20% on the news that the case was heading for judicial review. after failing to win regulatory approval, Standard General said it agreed to pay a termination fee over its failed Tegna (, Standard General on Wednesday entered into an agreement where it will transfer Tegna (. UPDATE: Standard General blasted the FCC 's decision to send its proposed acquisition of Tegna to an administrative law judge, accusing the agency of trying to scuttle the deal by delaying. Brazilian travel operator CVC said on Friday it has reached an agreement with its founder for a 75 million reais ($15.13 million) investment in the company, as well as electing a new chief executive officer. Byron Allen, TV producer and media mogul, signaled hes interested in potentially acquiring Tegna Inc. after the companys proposed buyout by hedge fund Standard General LP fell apart. Standard Generals deal with Tegna called for a $136 million termination fee, and Tegna said the shares it received satisfied that obligation. A Division of NBCUniversal. The Debt-Limit Crisis Is Over. The Federal Communications Commission (FCC), which regulates the U.S. telecoms industry, in February decided to hold a hearing on the hedge fund's bid in a step that has historically led deals to collapse. ), Create custom alerts for specific article and case topics and, I took a free trial but didn't get a verification email. TEGNA Inc. price-consensus-chart | TEGNA Inc. Quote. Forward-looking statements are based on a number of assumptions about future events and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs, projections and estimates expressed in such statements. At the time, the acquisition was expected to close in the second half of 2022. Bitcoin Faces Fresh Challenges After Debt Deal Moves Forward, Citigroup Warns, FTX Objects to Extension of Mediation Talks for Bankrupt Crypto Lender Genesis, Key House Republicans Unveil Crypto Market Structure Draft Bill, Photographer: Patrick T. Fallon/AFP/Getty Images. 212-355-4449. Forward-looking statements are based on a number of assumptions about future events and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs, projections and estimates expressed in such statements. However, it still awaits confirmation from the Federal . TYSONS, Va., June 02, 2023--(BUSINESS WIRE)--TEGNA Inc. (NYSE: TGNA) today announced that it has entered into an accelerated share repurchase agreement ("ASR") with JPMorgan Chase Bank, National Association ("JPMorgan"). Law360 takes your privacy seriously. Try our Advanced Search for more refined results. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Standard General owns about 4.8% of Tegna, making it the fourth-largest shareholder, according to Refinitiv data. The industry leader for online information for tax, accounting and finance professionals. Get this delivered to your inbox, and more info about our products and services. Independent Living Systems - Credentialing Application 4601 NW 77th Avenue, Doral, Florida 33166 Credentialing Application 3 | Page Independent Living Systems Version 01-2017 QIC Approval: 01/26/2017 Standard General reached its agreement to buy Tegna in February of 2022 and the review by the Media Bureau of the Federal Communications Commission has stretched out for more than a year. If you have an ad-blocker enabled you may be blocked from proceeding. The investment firm agreed to pay $24 a share in cash, 39% . Please. Cautionary Statement Regarding Forward-Looking Statements TYSONS, Va. Tegna has announced that Tegna's merger agreement with an affiliate of Standard General L.P. has been terminated and that it is planning a $300 million accelerated share repurchase ("ASR") program and a 20 percent increase in its quarterly dividend. Andy Brimmer / Jamie Moser / Jack Kelleher The hedge fund is expected to pay $136 million in termination fees to Tegna. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. See here for a complete list of exchanges and delays. Retransmission fees, which are essentially passed straight through to cable customers, have increased by 42% over a period of five years, according to the FCC. Please see our Privacy Policy. At the time, the acquisition was expected to close in the second half of 2022. Its earnings estimate is pegged at 77 cents, which has been constant over the past month.Virco Manufacturings share price has increased 42.9% year to date. At the time, the acquisition was expected to close in the second half of 2022 . Forward-looking statements in this communication may include, without limitation: anticipated growth rates and the Companys plans, objectives and expectations. The Federal Communications Commission (Friday) announced that the Media Bureau has designated certain questions related to the pending applications involving Standard General, TEGNA, and Cox Media Group to its administrative law judge. Thanks for contacting us. Shares ofTegna, which manages 64 TV stations in 51 US markets, rose 3% in extended trade. Broadcaster sets $300 million accelerated share-repurchase deal with JPMorgan Chase after takeover bid fails. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Al Tompkins is one of America's most requested broadcast journalism and multimedia teachers and coaches. WASHINGTON D.C. Standard General and its managing partner Soohyung Kim have responded to a letter sent by Senator Elizabeth Warren to the FCC urging the agency to block the $8.6 billion Tegna deal by arguing that the deal will strengthen local news by making Tegna a "stronger competitor" in the local news business and by warning that blocking t. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. WASHINGTON, March 28, 2023 -- ( BUSINESS WIRE )--Today, Standard General filed suit against the Federal Communications Commission in the U.S. Court of Appeals for the District of Columbia. When including the assumption of . It all but guarantees that a takeover will be a long way away, if it happens at all, since the deal had a final extension date of May 22, 2023. March 28 (Reuters) - Standard General said on Tuesday it had filed a lawsuit against the U.S. Federal Communications Commission (FCC) over its decision to hold hearings on the hedge fund's. TEGNAs Board of Directors and management team are actively reviewing the return of additional excess capital that accumulated during the pending merger. Shares in Tegna traded as high as $22.29 when it appeared the Standard General deal was likely to be approved. TEGNA Inc. (Tegna), and SCGI Holdings III LLC, an affiliate of Standard General L.P. (SCGI and Standard General), have filed applications to transfer control of Tegna and the licenses of 64 full-power television stations and two full-power radio stations from Tegna's current shareholders to SCGI. Already a subscriber? Tegna last year agreed to be taken private by Standard General in a deal valued at $8.6 billion, including debt. Its earnings estimate is pegged at 47 cents, which has been constant over the past month. All Rights Reserved. Shares traded at $16.40, up almost 4%, on Friday morning (June 2). The EIN for the organization is 59-1630423. Want the latest recommendations from Zacks Investment Research? After nearly 30 years working as a reporter, photojournalist, producer,, National Catholic Reporter Publishing Company, All Rights Reserved Poynter Institute 2023, The Poynter Institute for Media Studies, Inc. is a non-profit 501(c)3. 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However, the deal attracted criticism from some members of Congress, including then-House Speaker Nancy Pelosi, on concerns of potentially higher TV prices for consumers and job losses. These risks, uncertainties and other factors include, but are not limited to, risks and uncertainties related to: changes in the market price of the Companys shares, general market conditions, access to credit or debt capital markets, applicable securities laws and alternative uses of capital; constraints, volatility, or disruptions in the capital markets or other factors affecting share repurchases, including the Companys ability to complete the ASR on the expected terms and timing; delays or failures associated with implementation of the Companys ASR program; the possibility that the Companys ASR program, or any future share repurchases, may not enhance long-term stockholder value; the possibility that share repurchases pursuant to the ASR program could increase the volatility of the price of the Companys common stock and diminish the Companys cash reserves; legal proceedings, judgments or settlements; the response of customers, suppliers and business partners to the termination of the merger agreement, including impacts on and modifications to the Companys plans, operations and business relating thereto; difficulties in employee retention due to the termination of the merger agreement; the Companys ability to re-price or renew subscribers and execute on its capital allocation strategy; potential regulatory actions; changes in consumer behaviors and impacts on and modifications to TEGNAs operations and business relating thereto; and economic, competitive, governmental, technological and other factors and risks that may affect the Companys operations or financial results, which are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Standard General and TEGNA announced the extension of the termination date earlier this week. Future US, Inc. Full 7th Floor, 130 West 42nd Street, Please disable your ad-blocker and refresh. TEGNA offers innovative solutions to help businesses reachconsumers across television, digital and over-the-top (OTT) platforms, includingPremion, TEGNAs OTT advertising service. This precedent, if allowed to stand unchallenged, will turn the Public Interest standard on its head by restricting investment in and ownership of wide swaths of the economy to those deemed acceptable by regulators., One of the other factors keeping this takeover unresolved is that the FCC currently has only four commissioners. Standard Generalsuedthe FCC over its decision in March, but the appeal was later dismissed by the United States Court of Appeals for the District of Columbia Circuit. The hedge fund is expected to pay $136 million in termination fees to Tegna. NHL Stanley Cup Finals Begin on TNT; N.Y. Yankees-L.A. Dodgers on ESPN: Whats On This Weekend in TV Sports (June 3-4), TNT Hopes Its First Stanley Cup Finals Will Maintain Hockeys Ratings Momentum, Trump's Fox News Town Hall Ratings Way Off From Even His Tepid May CNN Performance. Signage is displayed outside Tegna Inc. headquarters in McLean, Virginia, on Friday, March, 13, 2020. TEGNA. Standard General added in the statement it now expects the deal with Tegna, which is valued at $8.6 billion, including debt, to close in March or April, subject to approval by the FCC. All quotes delayed a minimum of 15 minutes. It did not immediately respond to a Reuters request for comment. Shares in Tegna traded as high as $22.29 when it appeared the Standard General deal was likely to be approved. Is This Property Developer China Evergrande 2.0? Password (at least 8 characters required). Standard General's proposed acquisition of TEGNA will yield significant public interest benefits without any countervailing public interest harms, including creating the largest minority-owned . Standard General is a minority-controlled and operated organization. on Thursday. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. The factors described above cannot be controlled by the Company. This communication includes forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The additional review will allow us to make a more informed assessment on whether proposed safeguards are sufficient to protect the public interest, and we will take the time needed to address these critical questions.. This story has been shared 106,147 times. TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. We look forward to creating the largest minority-owned and female-led television station group in U.S. history and dramatically increasing minority broadcast ownership and viewpoint diversity.. The company previously announced a 20% increase in its regular quarterly dividend. You can view The Poynter Institutes most-recent public financial disclosure form 990, Poynter ACES Introductory Certificate in Editing, Standard General has said it has no plans to do so, Broadcasting and Cable included these passages, Republicans call Democrat Gigi Sohn an extreme partisan., Kristen Welker to replace Chuck Todd as moderator of Meet the Press, Insider journalists stage open-ended strike, News from CNN, Gannett, The Washington Post and other media news, tidbits and links for your weekend review, An introverted journalist created a researched guide for other introverts in the industry, Chick-fil-A did not just hire a vice president of diversity, equity and inclusion, Managing Editor - Waynesville, NC (28786), Program Coordinator, Environmental Investigations - Washington, DC (20036), Senior Director of Operations & Marketing - Rensselaer, NY (12144), Political Reporter - New Orleans, LA (70130), Deputy Metro Editor - New Orleans, LA (70130), Multimedia Content Specialist - Kansas City, MO (64111), CREATIVE SERVICE DIRECTOR - Paducah, KY (42003), Executive Director - Nashville, TN (37201), Executive Editor - Washington, MO (63090). Our proposed transaction is consistent with all FCC regulations and precedent. TYSONS, Va. & NEW YORK-- ( BUSINESS WIRE )--TEGNA Inc. (NYSE: TGNA) and Standard General L.P. today announced that TEGNA and an affiliate of . It did not immediately respond to a Reuters request for comment. UPDATE 2-Hollywood directors reach labor pact, writers remain on strike, Biden Debt-Bill Signing Set to Unleash Tsunami of US Debt Sales, Saudi Arabia Goes Alone at OPEC+ With Million-Barrel Output Cut, UPDATE 1-Guinea-Bissau holds legislative elections amid political deadlock, REFILE-UPDATE 1-McCarthy lauds U.S. debt ceiling deal, House conservatives divided. TEGNA also owns leading multicast networks True Crime Network, Twist and Quest. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. Receives 8,640,452 TEGNA shares from Standard General in satisfaction of $136 million termination fee. 2023 CNBC LLC. The Zacks Consensus Estimate for earnings is pegged at 10 cents, which has moved up by 42% over the past 30 days.Hilton Grand Vacations lost 25.2% of its share price year to date. The transfer will not reduce Tegna's previously announced $300 million share repurchase authorization. For more information, visit www.TEGNA.com. Tysons, Va. and New York - TEGNA Inc. (NYSE: TGNA) and Standard General L.P. today announced that TEGNA and an affiliate of Standard General have entered into a definitive agreement under which TEGNA will be acquired by the Standard General affiliate for $24.00 per share in cash. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. Washington, D.C. - U.S. Plans for the ASR and a 20% increase to the Companys regular quarterly dividend were previously announced on May 22, 2023 and reflect the Companys initial actions to return capital to shareholders following the termination of its merger agreement with an affiliate of Standard General L.P. We want to hear from you. Standard General sued the FCC over its decision in March, but the appeal was later dismissed by the United States Court of Appeals for the District of Columbia Circuit. The FCCs Media Bureau says it is also concerned that Standard General would lay off workers at stations, even though Standard General has said it has no plans to do so. NEW YORK and Tysons, Va. Standard General L.P. (Standard General) and TEGNA Inc. (NYSE: TGNA) today announced that the National Telecommunications and Information Administration, on behalf of the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (better known as Team Telecom), submitted a filing with the Federal Communications Commission (FCC) confirming it has no objections to the transaction. The unions said the sale to Standard General would result in higher retransmission fees, which are the fees that cable companies pay for the right to carry and pass along a signal. The union representing Insiders employees alleges that the company broke labor law by unilaterally changing workers health insurance plans. Our Standards: The Thomson Reuters Trust Principles. Tegna had paused share repurchases after the deal was announced. Its key to be clear with regulators of what you want to do. Tegna last year agreed to be taken private by Standard General in a deal valued at $8.6 billion, including debt. By Piper Hudspeth Blackburn (June 1, 2023, 7:11 PM EDT) -- An in-house administrative judge at the Federal Communications Commission on Thursday terminated a hearing initiated to examine two public interest issues related to the now-defunct $8.6 billion plan by hedge fund Standard General to take broadcaster Tegna private, saying there's no need to pursue what would be a purely "academic" inquiry. U.S. House Committee on Energy and Commerce, Access to case data within articles (numbers, filings, courts, nature of suit, and more. Erick McReynolds has been Chick-fil-As vice president of diversity, equity and inclusion since 2021, according to his verified LinkedIn account. The final settlement of the ASR is expected to be completed by the end of the third quarter of 2023, subject to acceleration at JPMorgans discretion. Broadcasting and Cable included these passages from Standard General: A decision delayed is a decision denied, said Soo Kim, managing partner of Standard General. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. It posted this graphic, in which it said Tegna. Shares traded at $16.40, up almost 4%, on Friday morning (June 2). Any forward-looking statements in this press release should be evaluated in light of these important risk factors. Is this happening to you frequently? That would have meant the private equity company could have bagged the $179 million in midterm election spending that Tegna stations raked in. State Farms Exit Makes It Harder. sent a letter to Federal Communications Commission (FCC) Chairwoman Jessica Rosenworcel, urging the FCC to continue its thorough review of Standard General's proposed acquisition of Tegna regardless of pressure by supporters of the deal, and to use its statutory authority to block this $. The price dropped to $17.50 on Monday, down nearly 20% on the news that the case was heading for judicial review.. Tegnahad paused share repurchases after the deal was announced. Tegna Buildling Sipa via AP Images. Broadcasting+Cable is part of Future US Inc, an international media group and leading digital publisher. WASHINGTON--(BUSINESS WIRE)--Yesterday, Standard General L.P. filed its Meeting Summary for meetings held on May 10 with Federal Communications Commission (FCC) officials and staff, as well as. Tysons media company Tegna Inc. (NYSE: TGNA) has agreed to be acquired by hedge fund Standard General for $24 per share in cash, or approximately $5.4 billion. Local TV station owner Tegna announced this morning that it is selling to private owner Standard General for $5.4 billion ($24 per share) plus the assumption of debt, which makes the total. Senator Elizabeth Warren (D-Mass.) Introverts often carry traits that translate to very useful skills for reporters. The pending applications involve a series of transactions that would result in Standard Generals acquisition of 64 full-power TV stations and two full-power radio stations currently owned and operated by TEGNA. Today, you can download 7 Best Stocks for the Next 30 Days. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this press release by wire services, Internet service providers or other media. Merger Arbitrage Mondays - Standard General Acquires Tegna For $8.6 billion Or $24 Per Share In Cash Benzinga Feb. 28, 2022, 10:26 AM Merger activity remained steady with five new deals. This is exactly what private equity and hedge funds do: challenge the. We've received your submission. (Image credit: Andrew Harrer/Bloomberg via Getty Images), whose effort to buy the broadcaster failed, Standard General Tries, Tries Again With FCC on Tegna Deal, HBO Renews Somebody Somewhere for Third Season, Tegna Gets 8.6 Million Shares From Standard General, George Watson, Former ABC News Washington Bureau Chief, Has Died, Diamond Sports Ordered to Pay the Diamondbacks, Guardians, Rangers and Twins Their Full Bally Sports Rate, Deltas NBCU Olympic Sponsorship Takes Off With Top Chef Paris Integration, Google Quietly Ends Support for the Revolutionary First-Generation Chromecast, Streaming Consolidates: AMC Theater Chain Rolls Its Transactional Service Into Vudu, Milli Vanilli Gets Documentary on Paramount Plus, Want Streaming Access to (Almost) Every 2023 NFL Game? Two are Democrats and two are Republicans. Television station operator Tegna said on Monday it has terminated its merger agreement with hedge fund Standard General after several regulatory hurdles. World number two Aryna Sabalenka weathered a spectacular first set implosion to beat American Sloane Stephens 7-6(5) 6-4 on Sunday and advance to the French Open quarter-finals. Our purpose is to serve the greater good of our communities through empowering stories, impactful investigations and innovative marketing services. OPEC+ Latest: Saudis Unveil Extra 1 Million Barrel Cut, Mystery Traders Debt-Ceiling Windfall Sparks Insider Concerns, Qatar Airways Plans for Future Without First Class on Long-Haul, Amazon Is in Talks to Offer Free Mobile Service to US Prime Members. Following the termination of the deal, Tegna was entitled to a $136 million payment. Standard General's attempt to undermine the authority of the FCC in response is dangerous, but it's really nothing new. Standard General and TEGNA continue to work collaboratively with regulatory staff in their review of the proposed transaction. May 22 (Reuters) - Television station operator Tegna Inc (TGNA.N) said on Monday it has terminated its merger agreement with hedge fund Standard General after several regulatory hurdles. About Standard General In February 2022, Standard General said it agreed to buy Tegna in a deal valued at about $5.4 billion. Click to get this free report, Virco Manufacturing Corporation (VIRC) : Free Stock Analysis Report, TEGNA Inc. (TGNA) : Free Stock Analysis Report, Hilton Grand Vacations Inc. (HGV) : Free Stock Analysis Report, Liberty Media Corporation (FWONK) : Free Stock Analysis Report. Support responsible news and fact-based information today! Got a confidential news tip? Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Tegna last year agreed to be taken private by Standard General in a deal valued at $8.6 billion, including debt. JHVEPhoto In what should have been a pretty straightforward M&A transaction between an operating. Big publicly-traded broadcaster Tegna, which has been in play for months, agreed to sell itself to Standard General and investors led . May 22 (Reuters) - Television station operator Tegna Inc (TGNA.N) said on Monday it has terminated its merger agreement with hedge fund Standard General after several regulatory hurdles.. They were also distributors for Titan semi-automatic pistols, which are manufactured in U.S.A. Thats why were asking for closer review to ensure that this transaction does not anti-competitively raise prices or put jobs in local newsrooms at risk, said Chairwoman Rosenworcel. You have to know whats happening with clients, competitors, practice areas, and industries. The latest offer is an increase of about $2 per share over Apollo and Standard . articles a month for anyone to read, even non-subscribers! The FCC's evaluation of the Standard General-Tegna merger has been consistent with the agency's legal authority and obligations. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Television station operatorTegnasaid Monday it has terminated its merger agreement with hedge fund Standard General after several regulatory hurdles. 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Standard General on Wednesday entered into an agreement where it will transfer Tegna shares valued at the $136 million termination fee to the TV broadcaster, according to an 8-K filing on Thursday . . A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. Clarification: This article was updated to specify that the FCC Media Bureau, not the full FCC, is sending the transaction to an administrative law judge. Apply to Sales Associate, Team Member, Customer Service Representative and more! It has shown interest in engaging with the labor unions to discuss any existing or outstanding grievances that they might haveregarding their current agreements.Standard General believes that its plans to increase station news content at Tegna will, on the contrary, bolster the number of journalists and newsroom employees at the stations.These conditions proposed by Standard General should help in the smooth acquisition of Tegna as the deal is reaching its final innings. They were also importing a series of 9mm pistols from Italy, that are . Law360 (June 1, 2023, 7:11 PM EDT) -- An in-house administrative judge at the Federal Communications Commission on Thursday terminated a hearing initiated to examine two public interest issues. On . The good that comes to Tegna with the deal is that its high debt, which accounts for almost $3.2 billion, will be cleared once the acquisition is closed.Dave Lougee, the CEO of Tegna has cherished this agreement as he believes that Standard Generals investments in the television broadcasting industry will evolve Tegnas portfolio and widen its reach.Investors too look positively on this deal as the share price for Tegna has risen 11.6% year to date compared with the Zacks Consumer Discretionary sector, which fell 36.2% in the same time frame.Despite Tegna's high leverage, it has been an attractive acquisition for Standard General, given its 66 television stations in 54 U.S. markets that have been benefiting the companys top line.Total revenues for Tegna were at $803 million, up 6% year over year in third-quarter fiscal 2022, of which subscriptions showed growth of 2.4% despite the absence of last years summer Olympics. Standard General committed to create a new grant fund for TEGNA in an amount of at least $5 million per year for three years immediately following closing of the deal to support an environment . Standard General has a proven track record of increasing investment in local journalism and bringing new ideas and perspectives to local broadcasting. It is bolstered by a voluntary commitment to invest in local news, preserve newsroom jobs, and address purported concerns related to consumer pricing. As part of the FCCs mission, we are responsible for determining whether grant of the applications constituting this transaction serves the public interest. Visit our corporate site. Standard General Tegna TGNA is set to be acquired by Standard General in February 2023. The Media Bureau heard concerns from The News Guild-CWA and the National Association of Broadcast Employees on June 22, 2022. Sign up for free newsletters and get more CNBC delivered to your inbox. Standard General will pay $24 in cash for each share outstanding of Tegna, representing a 39% premium to the stock's closing price on Sept. 14, before news reports of a possible offer pushed . NEW YORK & TYSONS, Va., November 18, 2022 -- ( BUSINESS WIRE )--Standard General L.P. ("Standard General") and TEGNA Inc. (NYSE: TGNA) today announced that the National Telecommunications. Receives 8,640,452 TEGNA shares from Standard General in satisfaction of $136 million termination fee TYSONS, Va., June 02, 2023--(BUSINESS WIRE)--TEGNA Inc. (NYSE: TGNA) today announced that it . This growth could be attributed to the success of its various divisions like its Locked On Podcast Network, whose monthly audience of audio downloads and video views grew to more than 20 million per month in the discussed quarter.Along with this, Verify, Tegnas national brand that combats disinformation, saw video views growth of 104% on VerifyThis.com and more than 74% on YouTube compared to the previous quarter.The bolstering user base signifies strength in Tegna, which could serve as a potential source to expand the business for Standard General. Standard General's deal with Tegna called for a $136 million termination fee, and Tegna said the shares it received satisfied that obligation. Tenga said it will repurchase $300 million worth of its shares from JPMorgan Chase Bank, starting with 15.2 million shares on June 6. The Company undertakes no obligation to update or to revise any forward-looking statements. Click here to login, 2023, Portfolio Media, Inc. | About | Contact Us | Legal Jobs | Advertise with Law360 | Careers at Law360 | Terms | Privacy Policy | Cookie Settings | Help | Site Map | Resource Library | Law360 Company, Enter your details below and select your area(s) of interest to stay ahead of the curve and receive Law360's daily newsletters, Email (NOTE: Free email domains not supported). Standard Generalsuedthe FCC over its decision in March, but the appeal was later dismissed by the United States Court of Appeals for the District of Columbia Circuit. To read this article on Zacks.com click here. Hence, the latter is fighting with determination to close the acquisition and is positive about the results. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. However, the deal attracted criticism from some members of Congress, including then-House Speaker Nancy Pelosi, on concerns of potentially higher TV prices for consumers and job losses. Wish You Could Be a Kid Again? However, it still awaits confirmation from the Federal Communication Commission (FCC), which has shown concernover the proposed merger's impact on jobs and retransmission-consent negotiations.To address the concerns, Standard General told the FCC that it would not try to apply retransmission consent agreements and will also not conduct any journalism or newsroom staffing layoffs for at least the next two years. Media-focused investment firm Standard General has struck a deal to purchase TV broadcaster Tegna Inc., one of the last remaining large publicly held station groups, for $24 per share in . JHVEPhoto/iStock Editorial via Getty Images. About Standard General Standard General was founded in 2007 and . Tegna said its board of directors are actively reviewing the return of additional excess capital that accumulated during the pending merger., The smarter way to stay on top of broadcasting and cable industry. Tegnalast year agreed to be taken private by Standard General in a deal valued at $8.6 billion, including debt. Jon has been business editor of Broadcasting+Cable since 2010. Shares of Tegna, which manages 64 TV stations in 51 U.S. markets, rose 3% in extended trade. Data is a real-time snapshot *Data is delayed at least 15 minutes. But rather than rule on the transactions 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., The unavoidable implication is that this particular transaction may be scuttled not due to substantive or evidence-based concerns, but rather by the Media Bureaus unexplained view that Standard General simply should not be allowed to own these television stations and that any future applicant to acquire Tegna or any other TV station group must meet the test of being acceptable to the Media Bureau in its sole, absolute, and unreviewable discretion, Kim said. A potential fifth commissioners appointment is tied up in the U.S. Senate as Republicans call Democrat Gigi Sohn an extreme partisan.. You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here. When used in this communication, the words "believes," "estimates," "plans," "expects," "should," "could," "outlook," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements.
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