The proposed merger between TEGNA and Standard General has collapsed, according to a statement from TEGNA. The merger would have seen Standard General acquire TEGNA for $5.4 billion, including the company’s San Diego-based television station, KFMB TV.
The collapse of the merger comes after the Federal Communications Commission (FCC) raised concerns about the deal and called for a hearing on the matter. The delay caused the deal to pass a finance deadline. The FCC said that the merger would have given Standard General too much control over local news and could have led to higher prices for cable and satellite TV subscribers.