Standard General to Challenge Media Bureau’s Unprecedented Attempt to Scuttle the Proposed Transaction with TEGNA; Calls on FCC to Bring the Transaction to a Vote by the Full Commission
Summary
NEW YORK--(BUSINESS WIRE)--Standard General L.P. is vowing to continue its efforts to complete its proposed transaction with TEGNA (NYSE: TGNA), despite the unprecedented actions of the FCC’s Media Bureau, which belatedly designated two questions related to the deal to an Administrative Law Judge. 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.” As part of Standard General’s efforts to persuade the FCC to address the Media Bureau’s unprecedented action, it calls attention to a number of salient facts, some of which have not been widely reported: • The TEGNA transaction is a transfer of an existing broadcaster to Standard General, an entity that had been TEGNA’s sole “Attributable Owner” under FCC rules. • This transaction, which actually makes TEGNA smaller as a result of the subtraction of several of its largest stations, complies with all FCC ownership rules and precedent and requires no waivers. • The transaction advances the FCC’s stated goal of increasing diversity in media ownership, representing the biggest opportunity in history to expand minority-ownership and woman-leadership of local broadcast television stations. • Despite some of the objectors denying that our ownership would satisfy this FCC-stated goal, a wide array of civil rights organizations, legislators and labor and minority media groups submitted supportive comments to the FCC, detailing the many ways in which this transaction would advance the public interest.