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Television broadcaster Tegna (NYSE:TGNA) ticked up 1% amid a report that the Federal Communications Commission's review of its planned sale to Standard General is "going smoothly."
The deal isn't expected to go to the commissioner level at the FCC, CTFN reported, citing a source close to the regulator. The source added that commissioners' don't vote on non-controversial issues.
Standard General told CTFN that the companies still expect the transaction to close in the second half of 2022.
A week ago the FCC disclosed its asking for further information in regards to the transaction. The FCC requested the parties respond to the agency's request no later than Oct. 13.
Tegna (TGNA) in late February agreed to be sold to Standard General and Apollo Global (APO) for $24/share in cash. The FCC in May extended a deadline for opponents to file petitions to deny the deal and in June asked the parties for more information in regards to the acquisition.
Last month Tegna stock whipped around on Sept. 13 amid a report about Sohn being seated at FCC for Standard General vote.