New York-based hedge fund Standard General's bid to acquire broadcast TV company Tegna has hit another roadblock.

On Wednesday, the hedge fund's chief legal counsel was present at the Federal Communications Commission headquarters in Washington, D.C.

An initial status conference was held in front of the FCC's Administrative Law Judge, which resulted in a ruling to suspend the hearing proceeding until further notice.

This move has left the Tegna deal hanging by a thread, and its closure now seems more unlikely than ever before.

Standard General has been struggling to force the FCC to vote on the proposed acquisition, but this recent development may deal a significant blow to its efforts.