Federal judge temporarily blocks Nexstar from integrating Tegna during antitrust case
The Facts
- A federal judge issued a preliminary injunction blocking Nexstar from combining operations with Tegna while the antitrust lawsuit proceeds.
- Chief U.S. District Judge Troy L. Nunley in Sacramento found that DirecTV and eight state attorneys general were likely to succeed, or prevail, in their challenge to the merger.
- The court order bars Nexstar from consolidating operations with Tegna but does not unwind the transaction that already closed.
- Nexstar and Tegna closed the deal on March 19 after receiving approval from the Federal Communications Commission and the Justice Department.
- The merger has been described as a $6.2 billion deal between Nexstar and Tegna.
- If completed, the combined company would own 265 television stations in 44 states and the District of Columbia.
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Context
What exactly did the judge order?
The judge ordered Nexstar not to integrate Tegna into its operations and to keep Tegna operating as a separate business while the case continues NYT,Los Angeles Times. Reuters also reported that the order freezes consolidation but does not undo the completed transaction Yahoo! Finance.
Who is challenging the merger?
The challenge was brought by DirecTV and a group of eight state attorneys general, who argued the merger would violate antitrust law Owensboro Messenger…,Washington Post,Reuters.
What happens next?
Nexstar said it will appeal the ruling, while the antitrust case continues in federal court CNBC,Reuters,Deadline. For now, the injunction keeps the companies from combining operations pending further proceedings NYT,Bloomberg Business.
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Wire services (8)
Independent coverage (42)
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