According to a report from Reuters, Federal Communications Commission(FCC) chairman Ajit Pai on Friday, August 30, sought approval from his colleagues to order the go ahead for Nexstar Media’s acquisition of Tribune Media in a US$6.4 billion tie-up.
Last month, the US Justice Department approved the deal, saying the companies must divest television stations in 13 markets to resolve antitrust concerns. Pai’s order circulated Friday needs the consent of a majority of the five-member FCC.
Nexstar announced in December it had agreed to buy Chicago-based Tribune for US$4.1 billion in a deal valued at US$6.4 billion including debt that would make it the largest regional US television station operator. Tribune stated earlier this month it looks forward to receiving “regulatory approval” for the deal soon.
Sinclair Broadcast Group previously failed to win approval to buy Tribune. Tribune terminated its deal with Sinclair in August 2018, and filed a lawsuit arguing that Sinclair mishandled efforts to get the transaction approved by taking too long and being too aggressive in its dealings with regulators.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Senate Democrats Urge DOJ Investigation into Alleged Big Oil Collusion
May 30, 2024 by
CPI
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI