The Federal Communications Commission yesterday approved Nexstar Media Group’s $6.2 billion purchase of Tegna, granting a waiver that lets the broadcast giant go way past the national limit on station ownership.
Nexstar said it closed the acquisition late in the day yesterday, immediately after receiving the FCC approval. The deal was also approved by the US Department of Justice, but a group of state attorneys general are challenging the merger in court in an attempt to unwind it.
Opponents say the FCC lacks authority to grant the waiver and that only Congress can change the 39 percent ownership limit. While the FCC says Nexstar will own fewer than 15 percent of TV stations, the cap in the FCC’s National Television Ownership Rule is calculated by the percentage of US households reached by a single entity’s stations. The Nexstar/Tegna combination will reach 80 percent of TV households in the US, or 54.5 percent when applying what’s known as the “UHF discount.”
Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.