(Adds share reaction on Wednesday)
Feb 22 (Reuters) - Hedge fund Standard General said its
proposed acquisition of TV station operator Tegna Inc only needs Federal Communications Commission (FCC) approval
after the U.S. Department of Justice reviewed it without
mounting any challenge.
Standard General said in a statement on Tuesday that the
so-called Hart-Scott-Rodino waiting period, which gives
antitrust regulators time to review the deal, had expired.
Tegna shares ended trading in New York on Wednesday at their
highest level since September, as investors assigned a higher
probability to the deal closing.
The shares closed up 6% at $21.65. The discount to the
$24-per-share deal price - which Tegna and Standard General
agreed to in February 2022 - reflects lingering uncertainty over
whether the FCC will let the deal go through.
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.
In a separate regulatory filing, Tegna said that the period
during which it and Standard General have committed to sticking
with the deal in order to complete it has been extended by three
months to May 22.
(Reporting by Greg Roumeliotis in New York; Editing by
Christopher Cushing and Muralikumar Anantharaman)
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))
