Standard/Tegna Deal Needs Foreign Ownership Approval
Teton Parent, a subsidiary of Apollo Global Management, is seeking FCC permission to be more than 25% foreign-owned in connection with Standard General’s proposed $8.6 billion buy of Tegna’s TV stations (see 2202220062), said a non-docketed petition Thursday for declaratory…
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ruling. That deal involves stations being transferred to Apollo’s CMG Media, and would leave Apollo with a nonvoting interest in Standard General. The foreign ownership petition is necessary because 50% of the equity of Standard General is controlled through investment funds in the Cayman Islands and the British Virgin Islands. “100% of the voting control of each of these funds ultimately is held” by Standard General Managing Partner Soohyung Kim. Apollo’s nonvoting shares in Tegna will also mean that after the deal Tegna will be 49.16% foreign-owned, the petition said. Teton Parent wants the FCC to permit it to be up to 100% foreign-owned, the petition said. “Grant of this request will serve the public interest by facilitating TPC’s access to capital to complete a transaction that will result in the largest minority-owned and female-operated U.S. broadcast station group in history,” the petition said.