U.S. orders hearing for Standard General bid for Tegna

WASHINGTON: The Federal Communications Commission, which regulates the U.S. telecoms industry, on Friday said it would hold a hearing on hedge fund Standard General’s bid for TV station operator Tegna Inc , a step that has historically led deals to collapse.

Tegna, which manages 64 stations in 51 U.S. markets, agreed in February to be acquired by Standard General in a $5.4 billion all-cash deal that would take the company private. The agreement attracted criticism from some powerful corners in Congress, including then-House Speaker Nancy Pelosi.