Standard General CEO Soo Kim says the company faces a May 22 deadline to complete the $5.4B deal to acquire Tegna to create the largest minority-owned TV broadcaster.
That’s the day that the financing for the deal, which was set up 15 months when interest rates were low, expires.
Kim told reporters on a May 8 call that he couldn’t arrange new financing at attractive rates.
He wants the Federal Communications Commission to vote on the acquisition before May 22.
The FCC said in February that an administrative judge must rule on the deal.
Standard General, which is a New York equity firm, said on May 8 that it ironed out a memorandum of understanding with a coalition of civil rights groups to strengthen is commitment to diversity and inclusion for the TEGNA acquisition.
That five-point MOU covers expanding minority workforce recruitment, mentoring; increasing diverse supplier spending; prioritizing minority audience participation in local programming; development a “community investment bank”; and creating an advisory board of civil rights and public interest leaders.
Standard General also got the backing of New York mayor Eric Adams.
He wrote a letter to FCC chairwoman Jessica Rosenworcel saying the acquisition would be in New York City’s best interest.
Joele Frank, Wilkinson Brimmer Katcher’s Andy Brimmer, Jamie Moser and Jack Kelleher handle Standard General.