1 month ago
A national judge eased immoderate of nan restrictions connected his bid that astatine slightest temporarily blocked Nexstar‘s merger pinch Tegna, but he besides extended nan frost connected nan transaction for different week.
U.S. District Judge Troy Nunley will let Nexstar to behaviour indebtedness work and repayment obligations, comply pinch Securities and Exchange Commission reporting requirements, and make appointments to support Tegna operating, among different things. In nan lawsuit of nan latter, Nexstar is still prohibited from installing its ain institution labor aliases officers. Nexstar besides will beryllium allowed to group thresholds for statement approval, expenditure authorization and different financial limits, akin to really Tegna operated earlier nan woody closed connected March 19.
Shortly aft securing regulatory support connected that date, Nexstar announced that it had closed its woody to get Tegna, creating a broadcast elephantine of astir 260 stations crossed nan country. But successful nan erstwhile day, DirecTV and a group of authorities attorneys wide revenge suit challenging nan transaction connected antitrust grounds.
Nunley granted a 14-day impermanent restraining bid connected March 27, concluding that DirecTV has established a “likelihood of occurrence connected nan merits” of its declare that nan merger violated antitrust laws. The cases were later consolidated pinch nan claims of nan authorities attorneys general, which see California and New York.
Nexstar is challenging nan judge’s decision, but had based on that because nan transaction had closed, it created “immediate operational harm to Tegna and Nexstar, regulatory conflicts, and a governance vacuum.”
Earlier this week, Nunley heard arguments connected whether to assistance nan plaintiffs a imperishable injunction, which would artifact nan merger indefinitely. He has yet to rumor a ruling, but successful his bid connected Friday, extended nan TRO different week. The judge wrote that he recovered “good cause” to widen nan restraining bid “to support nan position quo and forestall irreparable harm while nan tribunal prepares its ruling connected whether a preliminary injunction should issue.”
