A merger that would combine two regional media companies is the target of a letter from Sen. Elizabeth Warren (D-Mass.) and other members of Congress to the Federal Communications Commission and Department of Justice.
• Nexstar Media Gr stock is trading at elevated levels. What’s ahead for NXST stock?
Warren Targets Nexstar, Tegna Merger
Nexstar's move came after FCC Chairman Brendan Carr said Kimmel should be punished for comments about Charlie Kirk. The move was viewed as potentially trying to earn favor with Carr.
The merger is now being targeted by Sen. Warren, who said in a letter that the combination could lead to job losses for the industry and increase costs, along with harming local journalism.
The letter, which was viewed by The Hollywood Reporter, was sent to Carr and DOJ Assistant Attorney General for the Antitrust Division Gail Slater.
Warren and the members of Congress who signed the letter ask Carr and Slater to take a closer look at the proposed offer from Nexstar for Tegna and to block the deal if it is viewed as anticompetitive.
"We write to urge you to closely scrutinize Nexstar Media Group, Inc.'s proposed acquisition of Tegna Inc. and to block this deal if you determine that it violates federal telecommunications or antitrust laws," the letter reads.
Along with Warren, the letter was signed by Sens. Chris Van Hollen (D-Md.) and Jacky Rosen (D-Nev.) and Reps. Summer Lee (D-Pa.), Maxwell Frost (D-Fla.) and Doris Matsui (D-Calif.).
"If your agencies approve the deal, the country's largest TV station owner would double its audience reach to 80% of TV households and cement a market-dominant position."
The letter encourages the FCC to hold public hearings and press Nexstar on how the deal will benefit the public and not just shareholders of the stock.
One of the key items laid out in the letter is that the proposed merger would exceed the current 39% national ownership cap for local television, which is part of the Telecommunications Act.
Newsmax CEO Chris Ruddy said earlier this year that he was against overturning the FCC rule.
“This is about, first and foremost having competition so that three or four companies don’t own all the TV licenses, all the major licenses across the country,” Ruddy said, as reported by the New York Post.
Carr has voiced support for ending the rule, saying it provides “arcane artificial limits” on TV station ownership and could keep local news outlets from better competing against the likes of YouTube.
Carr and other FCC commissioners are expected to testify as part of an FCC oversight hearing on Wednesday in front of the Senate Commerce Committee. This merger and the Jimmy Kimmel suspension could be among the topics discussed.
Warren Opposes Warner Bros. Discovery Buyout
"Netflix and Paramount are trying to buy Warner Brothers right now. So what does that mean for you? Your streaming prices could skyrocket," Warren recently tweeted.
The senator previously called Paramount's hostile all-cash bid to acquire Warner Bros. a "five-alarm antitrust fire," and encouraged regulators not to cave to political pressure when looking at the deal.
Warren was also critical that the acquisition could be funded by "foreign money" with several international wealth funds as part of Paramount's bid. The senator said Paramount Skydance also has several prominent supporters of President Donald Trump involved, including CEO David Ellison and his father, Larry Ellison, who is a large shareholder in the media company.
"The government's review of any deal needs to be based on the law and facts — not who sucked up the most to Donald Trump," Warren said.
Warren's pressure on regulators for these two media mergers could put the deals in the public spotlight and raise additional concerns for antitrust and conflicts of interest. If either or both deals are approved, Warren and others are likely to speak out about their dissatisfaction.
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