In February of last year, a private equity fund managed by Standard General announced that it would purchase Tegna (TGNA), which owns of television stations, digital media platforms, and marketing services, for $24 a share.
Private equity giant Apollo Global Management (APO) invested in the entity that Standard General created to buy Tegna, and Tegna shareholders have approved the deal.
The Justice Department made no comments during the period to contest the deal.
It looked like the deal was set to go through. And yet, a new hurdle has appeared.
And it’s created a very interesting profit opportunity…
The FCC has expressed no concerns in the year it has taken to review the deal. And yet it has now referred the deal to the Office of the Administrative Law Judges (OALJ) for hearings that will further delay the deal’s closing.
As a result, Standard General is suing the agency, saying in its filing that this is “…an unprecedented and legally improper maneuver.”
Those who believe that politics could play a role in an impartial legal decision such as this might point to the fact that some powerful politicians, including Nancy Pelosi, spoke against the deal based on their desire to protect the public from higher TV costs.
Those of us who understand the pureness of the hearts of duly elected legislative officials find the allegations that concerns about the deal appeared after Byron Allen—whose competing bid for Tegna fell short and who made donations to Pelosi and several campaign committees sponsored by the Democratic party—baseless in their entirety.
The agency cannot block the deal but…
Continue reading at INVESTORSALLEY.com
