Tegna terminates $8.6 billion deal with Standard General

Television station operator Tegna Inc has terminated its merger with hedge fund Standard General.

Last year, Tegna agreed to be taken private by Standard General in a deal valued at $8.6 billion.

However, the deal attracted criticism from some members of Congress on concerns of potentially higher TV prices and job losses.

The FCC then decided to hold a hearing on the hedge fund’s bid, which caused issues with the deal. Standard General is now expected to pay $136 million in termination fees to Tegna.