Joele Frank represents Standard General private equity firm as it blasts the Federal Communications Commission’s Media Bureau’s bid to kill its proposed $5.4B deal to acquire Tegna television station operator.
The Media Bureau said on Feb. 24 the deal, which was announced a year ago, “could artificially raise prices for consumers and result in job losses." It wants further hearings.
Two Republican FCC commissioners Brendan Carr and Nathan Simington criticized the Media Bureau’s move. “After a protracted, nearly yearlong review, the Commission should be providing the parties with a decision on the merits—not an uncertain future," they said in a statement.
Soo Kim, Standard General’s managing partner said the Media Bureau “is attempting to scuttle the deal by ordering a wholly unnecessary hearing process, that if left standing by the commission would kill the deal.”
Standard General wants the FCC to vote now on the transaction and render a decision.
The firm said the Media Bureau’s “actions stand in sharp contract to other recent broadcast transactions which required special FCC actions yet were all approved in a timely manner.”
Tegna owns 61 stations in 51 markets.
Joele Frank, Wilkinson Brimmer Katcher’s Andy Brimmer, Jamie Moser and Jack Kelleher represent Standard General.