The $8.6 Billion Tegna merger agreement with Standard General announced last year has been declared dead after facing several regulatory hurdles.
The deal caught the attention of some members of Congress, who were concerned about the potential for higher TV prices for consumers and subsequent job losses.
In February, the Federal Communications Commission (FCC) announced hearings on the deal. Recently, The FCC’s Media Bureau said it needed more information to make a decision to approve or reject the deal.
“I am extremely proud of our TEGNA colleagues for remaining focused on our business despite the distractions of a long-pending transaction,” Tegna ceo and president Dave Lougee said. “As we look ahead, we are confident that TEGNA is well positioned to continue serving all our stakeholders.”
Standard General is expected to pay $136 million in termination fees to Tegna.
Tegna announced an accelerated share repurchase program worth $300 million on Monday.