US EditionJudge's order puts plan to merge Tegna and Nexstar on hold
A federal judge's 14-day restraining order halts the $6.2 billion Nexstar-TEGNA merger amid antitrust lawsuits from DirecTV and multiple state attorneys general.
- On Friday evening, U.S. District Judge Troy Nunley granted a 14-day temporary restraining order requiring Nexstar Media Group to keep its operations separate from Tegna, pausing the $6.2 billion merger.
- DirecTV and state attorneys general filed antitrust lawsuits challenging the merger, which Nexstar closed after the Federal Communications Commission and Justice Department approved the transaction.
- Shares of Nexstar Media Group traded sharply lower on Monday, the first full day of trading after the judge's order; stock closed at just over $185 per share, down nearly $28.
- Sen. Ted Cruz and Sen. Maria Cantwell wrote that the Federal Communications Commission's approval raises "serious concerns" about the "use of delegated authority" in major transactions.
- Nexstar and Tegna must submit written arguments by the end of the week, with a hearing on the preliminary injunction scheduled for April 7 to determine if the merger can proceed.
12 Articles
12 Articles
Judge Orders Nexstar to Hold Tegna Separate Pending Review
WASHINGTON–A judge late on Friday ordered Nexstar to temporarily keep Tegna’s assets separate pending a review of whether the broadcast station owner’s $3.54 billion acquisition of its rival Tegna violates federal antitrust laws. The companies quickly closed the deal after the Justice Department and Federal Communications Commission approved the deal on March 19. U.S. District Judge Troy Nunley in Sacramento, California issued the order in respo…
Federal judge temporarily halts Nexstar-Tegna merger
(NBC, KYMA) - A federal judge temporarily halted the $6.2 billion Nexstar-Tegna merger, which would have created the largest U.S. local TV station operator. Chief U.S. District Judge Troy Nunley ordered the companies to keep assets separate pending an antitrust review, following a lawsuit by DirecTV. Judge Nunley, according to NBC News, issued a 14-day temporary restraining order, and a hearing is set for April 7. The deal had closed March 19 wi…
Senators Question FCC Chairman Over Approval Of Nexstar-Tegna Merger
The leaders of the Senate committee that oversees the FCC are questioning how the agency gave approval to the Nexstar-Tegna transaction, the massive broadcast station merger that already has been paused by a federal court. Sen. Ted Cruz (R-TX) and Sen. Maria Cantwell (D-WA), the chair and ranking member of the Senate Commerce Committee, wrote […]
Judge's order puts plan to merge Tegna and Nexstar on hold
This is what I'm thinking: Not so fast, Nexstar and Tegna. That was the result of U.S. District Judge Troy L. Nunley in California, who granted a 14-day temporary restraining order against the $6.2 billion merger between the companies that…
US senators question FCC chief over Nexstar-Tegna deal, Bloomberg News reports
March 30 (Reuters) – The ranking members of the U.S. Senate Commerce Committee questioned the Federal Communications Commission Chair Brendan Carr and criticized his approval of Nexstar’s merger with Tegna without a vote from the full commission, Bloomberg News reported on Monday. Here are some details: (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Sonali Paul and Thomas Derpinghaus)
Nexstar stock drops after judge blocks TEGNA deal
The television studios of KXTV, the Sacramento ABC affiliate owned by TEGNA. (Photo by Matthew Keys for The Desk) Shares of Nexstar Media Group traded sharply lower on Monday, the first full day of trading since a federal judge blocked the broadcaster’s $6.2 billion acquisition of peer TEGNA late last week. Nexstar’s stock priced closed at just over $185 per share, down nearly $28 from its opening price. The broadcaster is considered among the h…
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