© Reuters. FILE PHOTO: U.S. Home Speaker Nancy Pelosi (D-CA) concludes a information convention held with Home Power and Commerce Chairman Frank Pallone, Jr. (D-NJ) and different members of the home discussing a invoice to supply $28 million in emergency funds to the Meals an
By David Shepardson
WASHINGTON (Reuters) -U.S. Home Speaker Nancy Pelosi and Power and Commerce Committee Chairman Frank Pallone on Thursday raised severe issues concerning the proposed $5.4 billion acquisition of U.S. broadcaster Tegna Inc.
Final week, the Federal Communications Fee (FCC) requested funding agency Customary Normal to supply additional details about its takeover bid for the published information firm that manages 64 stations in 51 U.S. markets.
“We’re involved that this transaction would violate the FCC’s mandate by proscribing entry to native information protection, reducing jobs at native tv stations, and elevating costs on shoppers,” the 2 Democrats wrote to FCC Chair Jessica Rosenworcel.
They requested her “to totally study the issues raised by public feedback – and shared by a lot of our colleagues within the Congress – about this proposed transaction, in step with the relevant legal guidelines and laws.”
An FCC spokesman stated the fee was reviewing the letter, and “in step with long-standing follow doesn’t touch upon pending transactions.”
Tegna in February agreed to be acquired by Customary Normal in a $5.4 billion all-cash deal that might take the corporate personal.
Customary Normal stated the proposed deal “will yield important public curiosity advantages with none countervailing public curiosity harms” and advised that these opposed have been deceptive lawmakers “with the identical false statements they’ve been making to the FCC.”
The corporate pointed to different offers that have been extra rapidly accepted by the FCC. “The Tegna transaction has been beneath assessment on the FCC for nearly 9 months at this level, and the time has come to approve the transaction,” Customary Normal stated
Tegna didn’t reply to a request for remark.
Customary Normal, which is Tegna’s third-largest shareholder, had nominated 4 members to the corporate’s board in 2020, arguing the inventory had underperformed and modifications have been wanted.
The Democrats additionally requested if the deal would lead to larger TV costs for shoppers, citing the advanced nature of the proposed transaction.
“The proposed new house owners of Tegna might instantly cost larger charges to pay TV suppliers, which can in flip be handed on to pay TV shoppers,” the lawmakers stated.
Originally published at Irvine News HQ
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