A merger that would have seen Tegna sold to Standard General and taken private has been axed after scrutiny by elected officials and the Federal Communications Commission.
In addition to Tegna’s TV properties, the deal would have also seen Standard General acquire Columbus, Ohio’s two sports radio stations 97.1 The Fan and 1460 ESPN. The Locked On Podcast Network and Vault Studios are also under Tegna ownership and would’ve been part of the deal.
Standard General now has to pay a $136 million termination fee. The merger was valued at $5.4 billion. Tegna also plans to buy back $300 million worth of its own stock.
The deal was originally announced early last year and had cleared one hurdle federally, getting approval from the US Department of Justice.
