The Federal Communications Commission (FCC) on Thursday requested additional information regarding the sale of American television operator Tegna Inc. Standard General.
Tegna, which has 64 news brands in 51 US markets, agreed to be acquired by Standard General in a $5.4 billion all-cash deal in February.
Standard General, which is Tegna’s third-largest shareholder, had proposed four members to the company’s board in 2020, arguing the stock had underperformed and changes were needed.
The FCC said it needs additional information in order to consider requests for consent to transfer control of Tegna’s subsidiaries, which hold multiple licenses, to Standard General.
The regulator, which requested further information in June, added that applicants must respond to the request for information by the October 13 deadline. (Reporting by Akash Sriram Bengaluru; Editing by Krishna Chandra Eluri)