It was not a good Friday for Tegna, as the Federal Communications Commission issued a hearing designation order to look into the TV broadcaster's deal with hedge fund Standard General L.P.

In other words the FCC is not just signing off on the deal as is often the case.

Word came down about the FCC’s action after the stock market closed, but that still did not help Tegna.

The stock dropped a whopping 25% in after-hours trading.

"The additional review will allow us to make a more informed assessment on whether proposed safeguards are sufficient to protect the public interest, and we will take the time needed to address these critical questions," FCC Chairwoman Jessica Rosenworcel said.

The FCC is focusing on the potential public interest harm from increased retransmission consent fees and the potential public interest harm to localism, including due to labor reductions.

The FCC writes, “Applying these principles to the transaction at issue, we designate for hearing the above-captioned applications because there exists a substantial and material question of fact as to: (1) whether retransmission consent fees will rise as a result of the Transactions.

Of course, they will.

Media companies continue to demand higher retrans fees, driving cable and satellite bills through the roof.

Some believe that this could effectively kill the deal.