Tegna (NYSE:TGNA) rose 1.6% on a report that the Dept. of Justice is close to possible approving Standard General’s acquisition of the TV broadcaster.
The DOJ is said to be “within days” of possibly clearing Standard General’s planned purchase of Tegna (TGNA), according to a New York Post report on Wednesday.
A potential DOJ approval would be a positive, though investors are still waiting for the Federal Communications Commission to bless the sale. Standard General’s Soo Kim said in a press briefing on Monday that he’s optimistic that talks with regulators over the planned acquisition of Tegna (TGNA) are closer to the end than the beginning.
The NYP report also cited a note from Washington Analysis last week that said it wouldn’t be surprised to see a letter from some House Democrat leaders raising issues with the transaction to FCC Chairwoman Jessica Rosenworcel.
The FCC on Wednesday released its agenda for its Feb. 25 meeting, which some investors were hoping may include the Tegna deal, though the agenda didn’t list the transaction. The agenda does reference an “adjudicatory matter from our Media Bureau” without being any more specific.
Tegna (TGNA) in late February agreed to be sold to Standard General for $24/share in cash.