Top Broadcast Lobbyist Curtis LeGeyt Weighs In On Deadlocked FCC, Media Ownership Rules And “Serious Concerns” About Tegna Merger Tangle
deadline.comNAB CEO Curtis LeGeyt, the top lobbyist for the broadcast industry, said he hopes the legal mess over the FCC’s handling of private equity firm Standard General’s acquisition of station group Tegna is not a sign of M&A meltdowns to come. “My hope is it’s a one-off,” he said during a briefing with reporters Monday during the NAB Show in Las Vegas. “We have real concerns that this could disincentivize investment in local broadcast stations.” The $8.6 billion deal requires only the approval of the FCC in order to close.
It was proposed more than a year ago and was expected to close a few months later, but has instead faced a protracted delay.
The FCC turned the wait into a more fraught situation by saying it planned to refer the merger review to an administrative law judge, a move that is tantamount to killing the deal.
Standard General responded by filing suit and the NAB has already weighed in with an amicus brief in support of the suit. At a time when the broadcast business model “is being upended,” the FCC’s decision to call into question a deal “raises serious concerns,” LeGeyt said.
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