Standard General fights for approval for Tegna acquisition

Chicago, April 14 – Standard General LP filed a reply brief with the U.S. Court of Appeals regarding approval needed from the Federal Communications Commission for the acquisition of Tegna Inc. by Standard General unit Teton Merger Corp.

The financing deadline for the transaction is May 22, according to a press release.

Standard General is accusing the FCC’s media bureau of effectively killing the transaction by delaying the process beyond the financing deadline.

The company is filing a brief, though, after the Supreme Court of the United States ruled unanimously on Friday in favor of the plaintiff in a case that will now allow parties to challenge federal agencies, like the FCC, in federal court and outside of the agency's normal administrative procedures.

Standard General feels that due process has been denied in the review of the Tegna transaction.

Teton Merger has been conducting a tender offer for Tegna’s notes.

The original deadline was March 7. The deadline is currently April 18.

As announced on Feb. 21, the notes include the outstanding $550 million of 4¾% senior notes due 2026 (Cusips: 87901JAF2, U8729JAC2), $1 billion of 4 5/8% senior notes due 2028 (Cusip: 87901JAJ4) and $1.1 billion of 5% senior notes due 2029 (Cusip: 87901JAH8).

Tegna is a Tysons, Va.-based broadcast, digital media and marketing services company.

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