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Benzinga
  • 3 hours ago
A federal judge halted the $6.2B Nexstar-Tegna merger with a 14-day restraining order after DirecTV and eight AGs challenged the deal on antitrust grounds. The combined company would have reached 60% of U.S. households after the FCC waived its 39% ownership cap, creating the largest local TV operator in the country.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02A federal judge late Friday halted the $6.2 billion Nextar Media Group and
00:07Tegna merger that would have created the largest local TV station operator in the U.S.,
00:12according to NBC News.
00:13Judge Troy L. Nunley issued a 14-day temporary restraining order and set an April 7 hearing
00:20after DirecTV and eight attorneys general challenged the deal on antitrust grounds.
00:25Nunley wrote that the merger could raise television costs, reduce competition,
00:29and harm local newsrooms.
00:31The Federal Communications Commission and Department of Justice approved the deal earlier this month,
00:36while President Trump backed it.
00:38The FCC waived a rule-limiting ownership breach to 39 percent of U.S. households,
00:43allowing the combined company to reach at least 60 percent.
00:46For all things money, visit Benzinga.com.
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