The Tegna Sale Hits Another Stumbling Block

As time passes it seems more and more like the Tegna sale to Standard General is not going to happen.

It has already dragged on for months and now the FCC has received a letter from House Speaker Nancy Pelosi , who appears to be raising some concerns about the proposed deal.

Pelosi and Commerce Committee Chairman Frank Pallone sent the letter to FCC Chair Jessica Rosenworcel saying they are “concerned” the proposed Tegna buyout would violate the Federal Communications Commission mandate and the transaction “would stretch the limits” of the FCC’s ownership rules.

“Localism is a core tenet of broadcast journalism that serves the public interest – but we fear the proposed transaction could jeopardize that important goal,” they write. “The proposed transaction also threatens to undermine localism, competition, and diversity by obscuring ownership of the airwaves through offshore holding companies in the Cayman Islands and British Virgin Islands.”

What makes this a bigger deal is that Pelosi has largely stayed out of media decision-making at the FCC. The fact that she is stepping in on this one, makes it feel like this sale might not happen.

Stay tuned…