In just 12 days, funding for the proposed acquisition of the broadcast television station owner formerly known as Gannett by Standard General expires. While the hedge fund controlled by Soohyung Kim continues its public relations campaign seeking a last-minute change of heart by the FCC that would see its four Commissioners vote on the deal, getting the TEGNA purchase to the finish line is now likely an impossiblity.
For TEGNA, it remains business as usual. And, business is good, with Q1 subscription revenue hitting new highs. There was even a dividend declaration from the TEGNA board.
