NEW YORK—Paramount Global has reached an agreement with 12 state attorneys general to delay its merger with Warner Bros. Discovery. The agreement puts the $111 billion deal on hold until a judge rules on the states’ antitrust lawsuit or the trial concludes in June 2027.

U.S. District Judge Araceli Martínez-Olguín of the Northern District of California issued a temporary restraining order July 20, pausing the case until she rules on a preliminary injunction that would halt the merger pending a trial.

The new agreement extends the temporary restraining order for another 14 days and means that Paramount won’t be able to close the deal until at least Aug. 18 at the earliest and possibly much longer.

If the court finds in favor of the states and issues a preliminary injunction, the deal could be delayed until completion of a trial in June of 2027.

“Our argument against this illegal merger is straightforward: When too few corporations have too much power in markets central to American life, it makes things more expensive, and it makes things worse,” said California Attorney General Rob Bonta, who is one of the AGs who filed the antitrust lawsuit. “Today’s agreement is great news for audiences, movie theaters and the many people who write, build, and create the art, news, and entertainment so many of us enjoy. We are eager to continue to make our case in court and celebrate another tremendous win in our effort to ensure this unlawful merger never sees the light of day.”

The deal was approved by the Trump administration’s Department of Justice but attorneys general from 12 states quickly sued to stop the merger on grounds that it would violate federal antitrust law, leading to higher prices for film and cable audiences and resulting in fewer movies and TV shows.

Delays in completing the merger until next stumer could be costly for Paramount and raised concerns on Wall Street about the future of the deal. Shares in Paramount Global fell by 3.3% on July 24.

Paramount, however, called the agreement a “significant win.”

“The result is exactly what we have sought from the outset: a direct path to a trial based on the evidence,” it said in a statement. “This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached. Plaintiffs’ market definitions bear no relationship to the realities of today’s marketplace and cannot withstand scrutiny. We look forward to proving our case at trial.”

WASHINGTON—The Federal Communications Commission’s Media Bureau, has approved the sale of WTVQ-DT, in Lexington, Kentucky from WTVQTV, LLC, an wholly-owned subsidiary of Morris Network, Inc. to Scripps.

The approval of the license transfer follows a March announcement by Scripps that it would pay $15.8 million for the ABC affiliate. The acquisition of WTVQ creates a duopoly with Scripps’ NBC affiliate, WLEX in Lexington, Kentucky.

The July 20 Order, denied a petition by DirecTV. It opposed the license transfer by arguing the combination would create “direct economic harm” by forcing it to pay higher prices for programming.

“[W]e find that the proposed transaction fully complies with the Commission’s rules, including the post-Zimmer Radio Local Television Ownership Rule, and that there are no issues or potential public interest harms identified in the record that would require further consideration,” the FCC concluded. “Notably, while the Commission will consider transaction-specific objections to otherwise rule-compliant transactions, we find that DIRECTV has failed to advance any such objections. Accordingly, we conclude that grant of the Application will result in public interest benefits and serve the public interest, convenience, and necessity.”

The full Order is available here.

WASHINGTON—Federal Communications Commission Chairman Brendan Carr announced a tentative agenda for the August Open Commission Meeting scheduled for Thursday, August 6, 2026.

While the vote on replacing TV station ownership rules will certainly have the biggest impact on broadcasters, the agency will also be considering opening up more than 200 megahertz of unlicensed spectrum and other items.

The FCC described the items as follows:

• Opening Up More Than 200 Megahertz of Unlicensed Spectrum for D2D Offerings. The Commission will consider a Notice of Proposed Rulemaking that would explore new avenues to allow innovative unlicensed wireless devices to communicate directly with satellites. The item would propose and seek comment on use of certain frequencies available under part 15 of the Commission's rules for communications between Earth and space, including direct-to-device (D2D) services. The NPRM would also propose to clarify that use of part 15 unlicensed devices is permitted within FCC-authorized spacecraft, and seek comment on other scenarios where part 15 unlicensed devices may safely operate in space. (ET Docket No. 26-169)
• Maximizing Efficiencies in Universal Service Administration. The Commission will consider a Notice of Proposed Rulemaking that would propose to strengthen the Commission’s management and administration of the Universal Service Fund (USF) by reforming and improving USF administration processes, the structure of USF administration, operating costs associated with USF administration, and the impact of USAC’s Board of Directors on USF administration. (WC Docket No. 26-173)
• Replacing the National Television Multiple Ownership Rule. The Commission will consider a Report and Order that would remove artificial barriers to broadcast television’s ability to attract capital and generate revenue, thus enabling broadcast television owners to better fulfill their public interest obligations, including through increased investment in local programming. The Report and Order also enables broadcast television station owners to expand their audience reach, gaining important leverage against national television networks. (MB Docket No. 17-318)
• Promoting Telehealth in Rural America. The Commission will consider a Third Further Notice of Proposed Rulemaking that would seek comment on several improvements to the Rural Health Care Program intended to reduce administrative burdens on program participants and better administer limited program funding given increased program participation and service costs. The accompanying Order would permit the use of previously approved rural rates for funding year 2027 that would otherwise require approval of a cost-based justification. (WC Docket No. 17-310)

The Open Meeting is scheduled to commence at 10:30 a.m. ET in the Commission Meeting Room of the Federal Communications Commission, 45 L Street, N.E., Washington, D.C.

Open Meetings are streamed live at www.fcc.gov/live.

Documents relating to each item on the agenda are available here.

The FCC publicly releases the draft text of each item expected to be considered at the next Open Commission Meeting. One-page cover sheets are included in the public drafts to help summarize each item. All these materials will be available on the FCC’s Open Meeting page: www.fcc.gov/openmeeting.

A federal judge has issued a temporary restraining order pausing the $110 billion merger of Paramount and Warner Bros. Discovery as she considers a ruling on a preliminary Injunction in an antitrust case filed by 12 attorneys general.

The July 20 ruling by U.S. District Judge Araceli Martínez-Olguín of the Northern District of California pauses the deal for 14 days while she considers a preliminary injunction, which would block the merger for the duration of the litigation and impose substantial costs on Paramount.

“My office and attorneys general nationwide have secured an emergency order blocking the unlawful merger of Warner Bros. and Paramount,” said California Attorney General Rob Bonta, who is leading a coalition of states seeking to block the deal on antitrust grounds. “This is a critical first win in our case to ensure this megamerger never sees the light of day. …With our lawsuit, we’re fighting for a free and fair market and a thriving film and television industry that serves creatives and audiences alike.”

As previously reported, the case argues that the deal, the largest in Hollywood history, would combine two of Hollywood’s five major film distributors and two of the five major owners of basic cable channels, “inflicting substantial harm on movie theaters, basic cable distributors, and ultimately, audiences nationwide.”

The deal has been approved by the Justice Department and Paramount had been hoping to close it as early as July 22.

The Federal Communications Commission is currently considering whether to grant the deal an exemption from foreign ownership rules.

A U.S. District Court yesterday denied a stay of the FCC Media Bureau’s approval of the merger of Nexstar and Tegna TV station groups, while a California judge set a trial date for lawsuits filed by DirecTV and state AGs, which are challenging the transaction.

Since announced in August 2025, the merger has faced opposition from other media companies, public interest groups and state attorneys general who filed a lawsuit in March, attempting to block the merger.

The merger, valued at $6.2 billion (when it was announced), would create a behemoth in the local broadcasting industry with 265 full-power television stations in 44 states and the District of Columbia and 132 of the country’s 210 television DMAs.

The acquisition closed in March after approval from the Federal Communications Commission and the U.S. Department of Justice.

In its decision announced yesterday, the U.S. District Court in Washington, D.C. denied a request for stay of the FCC’s approval, noting that harms that could come to the Broadband Communications Association of Pennsylvania and other appellants were “either not irreparable or not certain.” The court noted that a separate preliminary injunction in the Eastern District of California already obligated Nexstar to hold Tegna assets separate, operate stations independently, and maintain existing MVPD relationships.

Meanwhile, a California judge set a trial date of July 9, 2027 in a case that combines appeals to nix the merger from DirecTV and by attorneys general from 12 states. The court also set for discovery to close April 15, 2027 and the final pre-trial conference and hearing for June 23, 2027.

In a tweet on X yesterday, Nexstar said it “looks forward” to having its day in court to defend the deal.

NEW YORK—Versant Media Group continues to make acquisitions following its spinoff from NBCUniversal earlier this year with a definitive agreement to acquire Full Swing, a leading sports technology company with patented hardware and integrated software used by consumers, competitive athletes, coaches, and commercial venues for about $530 million from Bruin Capital and a group of minority investors.

Full Swing, which is best known for its golf simulators and its tracking and analytics software, will add an interactive sports platform to Versant’s portfolio, spanning immersive simulation, launch monitors, virtual greens, integrated software, and performance data.

Built first in golf and now extending into baseball and other sports, Full Swing supports data-driven practice, play, training, and entertainment across at-home, commercial and professional environments with simulated sports and family entertainment experiences.

At a time when traditional cable network brands are looking to expand their presence beyond the declining pay TV eco system, Full Swing will strengthen the company’s golf business, which includes Golf Channel, GolfNow and GolfPass, and will provide a new way to engage the growing golf community.

The acquisition will also create opportunities to develop content, commerce, training, and venues while supporting Full Swing’s continued growth as a sports technology company, Versant said.

“Full Swing is exactly the kind of strategic platform that reflects how we are building Versant: investing in our core markets, extending the reach of our iconic brands and creating new ways to serve passionate audiences,” said Mark Lazarus, CEO of Versant. “Sports are becoming more interactive, more data-driven and more connected, and Full Swing allows us to build on that momentum. Starting from our strength in golf, we see an opportunity to scale a multi-sports technology platform for athletes, coaches, consumers, and fans.”

"This is an exciting next chapter for Full Swing. Joining Versant gives us the scale and distribution to bring our technology to even more golfers, athletes and fans, while staying focused on what we do best — building the most connected and immersive way to play and train,” added Ryan Dotters, CEO of Full Swing. “We're proud of what our team has built, and we look forward to growing it alongside Versant's portfolio of iconic brands."

Following the closing of the transaction, Full Swing will operate within Versant’s Digital Platforms and Ventures portfolio, and Dotters will join Versant, reporting to McIntosh. The transaction is subject to customary closing conditions and is expected to close in the second half of 2026.

Gibson Dunn acted as legal advisor to Versant. Moelis & Company LLC. acted as financial advisor, and Kirkland & Ellis LLP acted as legal counsel to Bruin.

Comcast’s Sky unit has announced that it plans to acquire ITV Media & Entertainment from ITV plc for roughly 1.6 billion pounds ($2.14 billion), comprising 1.2 billion pounds ($1.6 billion) in cash, Love Productions, and up to 0.2 billion pounds ($0.27 billion) in performance-related earnout.

The announcement comes just a week after Comcast set plans to spin off its NBCUniversal and Sky operations into a separate company.

The proposed deal would create a U.K. media powerhouse and create the scale the companies say they need to compete effectively with global streaming players.

ITV already reaches around 40 million people every week and serves more than 16.5 million monthly digital users. Combined with Sky, the business would account for around 20% of all in-home viewing in the U.K.—second to the BBC and ahead of YouTube—and create a British commercial streaming champion.

But analysts point out that the combination would also control about 70% of the U.K. TV ad business and that the proposed deal will face extensive regulatory review.

The deal combines ITV’s ad-supported, free-to-air broadcast platform with Sky’s portfolio of pay TV, streaming, broadband, mobile and business services. Comcast and ITV said the combined entity’s diverse revenue streams would provide a resilient and durable business model.

“This is a defining moment for British media and an opportunity to build a stronger future for two of the U.K.’s most loved and trusted brands,” Sky Group CEO Dana Strong said. “We have huge respect for the transformation the ITV team has delivered, particularly its successful move into streaming through ITVX, which has brought fantastic British content to millions of viewers across the UK.

“Bringing Sky and ITV Media & Entertainment together combines the very best of free-to-air television, pay TV and streaming, ensuring viewers across the U.K. continue to enjoy outstanding British programming in a rapidly changing world,“ she added. “ITV will remain a public-service broadcaster at the heart of British life, and we’re excited about the future we can build together.”

The ITV channels and ITVX will remain free-to-air and will continue to meet their public-service broadcasting commitments, Sky said, with ITV’s entertainment and national and regional news programs remaining intact. ITV News and Sky News will also remain as distinct editorial voices, Sky said.

Sky also struck a five-year, 2.1 billion-pound ($2.8 billion) content supply deal with ITV Studios, effective upon the deal’s completion.

“ITV has successfully evolved in a rapidly changing media landscape—launching and scaling ITVX and developing ITV Studios into a major force in the global content market,” ITV plc CEO Carolyn McCall said. “This transaction builds on that momentum to deliver clear, tangible value for shareholders. At the same time, through the commitments made by Sky, the combined ITV M&E / Sky business will continue to deliver everything about ITV that our viewers and advertisers love and value and our people are hugely proud of—making programs that reflect and shape society, bringing people together for shared experiences and having the quality, diversity and plurality that are the hallmarks of our contribution to the U.K,’s creative industries. In addition, all of ITV’s PSB commitments, including regional and national news, are safeguarded under the terms of the Channel 3 Licences until 2034, which Sky is acquiring as part of the transaction.”

BINGEN AM RHEIN/MAINZ, Germany—Systems integrator Broadcast Solutions GmbH has announced that it is acquiring BFE Studio und Medien Systeme GmbH.

Financial terms were not disclosed.

The deal will strengthen Broadcast Solutions’ position as one of Europe’s leading providers of broadcast, media and communications systems, and expand its service portfolio to include in-depth expertise in the areas of studio and production technology, media IT, control center and control room systems, and customized hardware and software development.

“With the acquisition of BFE, we are consistently pursuing our strategic growth course,” said Stefan Breder, co-CEO of Broadcast Solutions. “In recent years, there has been only minimal overlap between the two companies’ service portfolios, but today they complement each other perfectly in technological terms. Together, we are creating the conditions to support our clients even more comprehensively in the future with the planning, implementation and further development of sophisticated broadcast, media and communications infrastructures.”

As an independent company with offices in Mainz and Vienna, BFE will become part of the Broadcast Solutions Group. The existing shareholders, Martin Dempf and Sven Hesselbach, will continue to jointly manage the company as managing directors. Peter Dinkel and Doris Hartl will continue to lead BFE in Vienna as managing directors.

In announcing the deal, the companies noted that the demands placed on technical infrastructure in the media industry are undergoing a fundamental shift and that the shift to IP-based production platforms, cloud technologies, automation and artificial intelligence are increasing the level of integration in modern systems as well as the complexity of projects.

That has created a growing need for technology partners who can cover all phases of a project—from consultancy and development through to system integration, implementation and continuing support—under one roof, the merger partners said.

With this deal, the two companies stressed their complementary areas of expertise and said merger creates an integrated offering that combines system integration, engineering expertise, vertical integration and long-term service.

As one of Europe’s leading system integrators, Broadcast Solutions will bring its extensive experience in the planning and implementation of complex broadcast infrastructures to the partnership. BFE complements this portfolio with its many years of experience in development and implementation of bespoke studio, production and media solutions. It also possesses particular expertise in media IT, workflow integration, control center and control-room systems, and the development of customized hardware and software solutions.

As a result, the combined company said it will be able to provide customers with a significantly expanded portfolio of technologies and solutions, additional engineering and development capacities, and greater implementation capabilities for complex national and international projects.

“Broadcast Solutions is the right partner for BFE to continue our development in the long term. Being part of an internationally successful group of companies opens up additional technological and international opportunities for us. At the same time, our brand, our corporate culture and our close relationship with our customers will remain intact,” said Martin Dempf, managing director of BFE Studio und Medien Systeme GmbH.

TORONTO—Lumine Group said it has acquired Imagine Communications Holdings Inc. for an undisclosed amount. Dallas-based Imagine Communications is a global provider of video connectivity solutions, channel origination software and hardware, and AI-enabled advanced advertising solutions. Lumine Group, with a market capitalization of $3.89 billion, is a publicly traded Canadian company that specializes in acquiring and growing vertical market software companies specifically within the communications and media sector.

“Imagine Communications is an important addition to Lumine’s growing Media ecosystem,” said Tony Garcia, chief operating officer at Lumine Group. “The business will provide origination to our already extensive video processing capabilities, while complementing and expanding TV monetization with its Landmark Sales AI-enabled advertising product, among others.

“Consistent with Lumine’s decentralized operating approach, Imagine Communications will continue to operate as an independent business, and as a buy-and-hold forever owner, we are committed to giving them the stability to keep building on their depth of expertise in the industry,“ Garcia added. “We look forward to welcoming this global team and its customers to Lumine, to share our best practices and to learn from their decades of industry insight.”

Steve Reynolds, current Imagine CEO will continue to lead the division.

“We are excited to become part of the Lumine Group global media ecosystem,” Reynolds said. “Lumine Group’s acquisition approach and buy-and-hold philosophy provide us with a solid foundation on which we can continue to innovate, while providing certainty to our customers and employees. Operating as an autonomous business within Lumine Group, we have a clear path and excellent support to achieve our vision and serve our customers’ most critical needs.”

Imagine was born amid the ashes of the broadcast division of Harris Corp., created when the company spun off its transmission business, rebranded as GatesAir (acquired by Thomson Broadcast in 2022) and its software and networking division, which assumed the new name “Imagine Communications” in 2014.

This acquisition follows Lumine’s purchase of the video network business of U.K.-based Synamedia, a provider of video software technology to broadcasters and media production companies.

ATLANTA—Gray Media, Inc. has announced that it has concluded a deal with American Spirit Media, LLC (“American Spirit”) to acquire its six television stations for $50 million.

The deal builds on longstanding relationships between Gray and the stations. For more than a decade, Gray (and its predecessor company, Raycom Media) provided back-office services to five of these stations as well as local news to four of these stations.

The American Spirit being acquired are:

• DMA 81, Toledo, Ohio, WUPW (Fox)
• DMA 100, Jackson, Miss., WDBD (Fox)
• DMA 125, Wilmington, N.C., WSFX-TV (Fox)
• DMA 126, Columbus, Ga., WXTX (Fox)
• DMA 149, Wichita Falls, Texas, KAUZ-TV (CBS)
• DMA 176, Lake Charles, La., KVHP (Fox)

Gray also announced that the parties completed the first of two closings of the transaction with Gray paying $40 million to American Spirit and commencing a limited local management agreement for the stations. The consideration for the first of the two closings was funded with a portion of the proceeds of a private placement of $70 million of aggregate principal amount of the Company’s 7.250% Senior Secured First Lien Notes due 2033, which was completed on June 30, 2026.

As of May 15, 2026, prior to the deal, Gray owned 117 full-power television markets that collectively reach approximately 37% of US television households.

NEWPORT BEACH, Calif.—Bitcentral, a provider of enterprise software and digital media solutions for news, sports and entertainment broadcasters as well as streaming platforms, said it has sold off its traditional production and playout business to investment group Banyan Software.

Bitcentral will focus on broadcast news production, playout and workflow technology that broadcasters depend on every day, while the other company, now known as "ViewNexa," will focus on helping media companies grow, distribute and monetize digital audiences across streaming and connected platforms, the companies said.

Sam Kamel, who became CEO of Bicentral in 2024, called the move “a bold and exciting step in the company's evolution." Kamel was hired after Bitcentral announced funding from a new unidentified private investor at the time.

“By creating two dedicated companies, each gains increased clarity, leadership focus and investment capacity to accelerate innovation and better serve customers,” Kamel said. “Bitcentral continues as a trusted technology partner to some of the most important broadcast news organizations in North America. Banyan’s ownership provides a strong foundation for continued investment and innovation. For ViewNexa, this means the independence and resources to pursue high-growth market opportunities in streaming, monetization and audience engagement."

Bitcentral Founder and Chairman Fred Fourcher, who returned to Bitcentral as board chairman at the same time Kamel assumed leadership, also hailed the transaction.

“I’m incredibly proud of what we've built at Bitcentral over the past 25 years,” Fourcher said. “From the beginning, our vision was to help media organizations adapt to the changing ways content is created, managed, distributed and consumed. Over time, we built two exceptional businesses, each with its own customers, capabilities and future. This transaction allows both to move forward with renewed focus while staying true to the spirit of innovation, reliability and customer commitment that have defined Bitcentral from the start.”

Former Chief Operating Officer Sam Peterson, has become CEO of Bitcentral, leading the newly independent business. Sam Kamel continues as ViewNexa’s CEO, working with the leadership team led by General Manager Scott Alexander.

“With Banyan Software as a long-term partner, we are well positioned to invest in next-generation broadcast workflow capabilities, including cloud-based operations and emerging AI-driven tools that will shape the future of news production,” Peterson said. “Our customers will continue working with the same people, the same trusted products and the same commitment to service they expect from Bitcentral. We play a central role in the daily operations of more than 40 leading news organizations across more than 1,600 newsrooms, and we are just getting started.”

Reed Fawell, operating partner at Banyan Software, said: “Bitcentral has built a highly trusted and mission-critical technology platform that supports the daily operations of leading broadcasters. We are excited to support Sam Peterson and the Bitcentral team with a long-term investment approach focused on product strength, customer success and continued innovation. This is a business with deep customer relationships, a strong product foundation and an important role to play in the future of broadcast news operations.”

The transaction has closed and both companies are operating independently under their new structures.

LONG BEACH, Calif. & MCLEAN, Va.—Rocket Lab Corporation has inked an agreement to acquire Iridium Communications Inc., a leading provider of global voice, data, and positioning, navigation, and timing (PNT) satellite services, for about $8 billion.

The deal is a notable example of consolidation in the space industry, merging Rocket Lab's launch capabilities and satellite manufacturing with Iridium's global satellite communications network, spectrum, and 500-plus strong partner ecosystem to create a vertically-integrated space company that designs, builds, launches, and operates its own constellations and delivers critical communications capability to millions of users worldwide.

Iridium’s mobile satellite network is widely used by journalists who are reporting from war zones, areas impacted by natural disasters and other locations where regular mobile or terrestrial communications may not be available.

In recent years, however, it has faced increased competition from providers like Elon Musk's SpaceX's Starlink division. The deal could help it expand its operations and competitive position.

The transaction will give Rocket Lab an immediate foothold in space-based applications, including both proprietary and standards-based satellite Internet of Things (IoT) and direct-to-device (D2D), PNT, and critical safety-of-life services.

Rocket Lab reported that rather than simply continuing the Iridium network, Rocket Lab will build upon it to scale into untapped markets and pioneer new space-based services.

Iridium’s globally harmonized L-band spectrum and low Earth orbit (LEO) satellite network provide a secure, resilient foundation for reliable satellite communications and PNT services across government, defense, aviation, maritime, and commercial markets. Supporting more than 2.55 million active subscribers worldwide, Iridium delivers highly reliable, weather-resilient connectivity and an alternative PNT architecture for applications where Global Positioning Systems (GPS) and other Global Navigation Satellite Systema (GNSS) are degraded or unavailable.

"This is a defining moment for the space industry and the start of a new era of strategic, accelerated growth for Rocket Lab and Iridium," said Sir Peter Beck, founder and CEO of Rocket Lab in a statement. "Iridium has built the gold standard in secure, safety critical global satellite connectivity. It is relied upon by maritime fleets, the aviation industry, governments, and heavy industrial organizations who operate in the most remote off-the-grid locations. By marrying Iridium's deep heritage, trusted infrastructure, and highly sought-after spectrum with Rocket Lab's extensive and proven launch and manufacturing capabilities, we have the capability to unlock entirely new markets. We will go far beyond maintaining a legacy; we are going to build upon it to pioneer next-generation space applications and deliver sought-after capabilities to existing and new customers."

“As the worlds of space and terrestrial communications continue to converge, more critical services will depend on space-based capabilities,” added Matt Desch, CEO, Iridium. “Success will come from those who can bring new innovations to space quickly and sustain them over time as efficiently as possible. We’re excited about being able to accelerate the next generation of IoT, aviation, maritime, PNT, and national security capabilities, and pursue new innovative applications as part of Rocket Lab - a fully integrated, end-to-end space company. That’s an incredible opportunity for our customers, partners, employees, and stockholders.”

PHILADELPHIA—Just a few months after spinning off its cable networks into Versant, Comcast has announced new plans to split into two independent publicly traded companies via a tax-free spinoff of NBCUniversal and Sky.

Comcast expects to spin off to be completed in about one year, by mid-2027.

Upon completion of the transaction, current Comcast stockholders will own shares in two separate companies: Comcast, comprising the U.S. cable and connectivity business, and NBCUniversal, holding its media and entertainment assets including NBC, Peacock, Universal Pictures, the Universal theme parks and European pay TV operator Sky.

The deal ends a decades-long attempt at horizontal integration between the broadband/cable businesses and programming and media businesses.

“The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business,” Comcast Chairman and CEO Brian Roberts said. “I very much look forward to helping guide our collective growth for this next chapter.”

Current Comcast co-CEO Mike Cavanagh will be CEO of the standalone NBCUniversal. Michael Angelakis, former Comcast chief financial officer, will become CEO of Comcast following completion of the split, rejoining the company in the interim as strategic adviser. Roberts said he will continue to be actively involved in both companies.

“Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company,“ Cavanagh said in a statement. “Each organization will continue to be led by a management team with deep industry experience that will benefit from focused strategic priorities and the ability to pursue opportunities most relevant to their businesses. I’m personally thrilled to continue leading NBCUniversal into the future. With our iconic brands and theme parks, leading franchises and incredible creative talent, we are well-positioned for long-term value creation.”

When completed, Comcast will serve residential and business customers through its broadband, wireless and entertainment platforms, reaching more than 65 million homes and businesses with its intelligent fiber network architecture and global technology platforms.

NBCUniversal will include its growing theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo. In addition, NBCUniversal’s global portfolio will include Sky, its European media business.

More to come as reaction becomes available.

BENTONVILLE, Ark. and NEW YORK—In a major bet on the rapidly growing CTV ad business that could have a long-term impact on local broadcasters, Walmart has announced plans to acquire Vibe.co, a self-serve, connected TV (CTV) advertising platform designed to simplify advertising for small and mid-sized businesses (SMB) and mid-market brands.

Financial terms were not disclosed but the Wall Street Journal reported that Walmart is paying $1.4 billion.

The acquisition is part of Walmart’s ongoing strategy of building more accessible, full-funnel advertising solutions through Walmart Connect, its commerce media business.

Those efforts make it a growing competitor for local broadcasters targeting the same small and mid-sized businesses.

By combining Vibe.co’s self-serve CTV platform with Walmart’s commerce audiences, closed-loop measurement and growing media ecosystem, including the streaming platform Vizio, Walmart Connect hopes to work with more advertisers to launch CTV campaigns and better measure their business impact.

“Walmart Connect is focused on making commerce media more accessible, more measurable and easier to activate for advertisers of all sizes,” said Ryan Mayward, GM and senior vice president, Walmart Connect U.S. “Vibe.co has created a purpose-built platform that simplifies streaming TV advertising, and together, we can help more businesses connect with customers across streaming environments while measuring the impact of those campaigns through Walmart’s commerce capabilities.”

Vibe.co’s platform offers self-serve campaign activation, direct supply partner integrations, proprietary advertising technology and performance-driven optimization that helps advertisers access premium connected TV inventory more efficiently.

The combination is expected to support broader adoption of the CTV ad media among advertisers across Walmart Connect, and the broader connected TV ecosystem, particularly among SMB and mid-market advertisers, including Walmart’s third-party marketplace sellers. The platform can deliver easier campaign activation, greater transparency and stronger measurement between media investment and commerce outcomes.

“Vibe.co was built as the self-serve platform for performance and ecommerce marketers to run streaming TV the way they run paid social: measurable, fast to launch, and optimized for better outcomes,” said Arthur Querou, Co-Founder and CEO, Vibe.co. “Joining Walmart gives us the opportunity to accelerate that mission and bring performance TV advertising to one of the most powerful commerce media ecosystems in the market.”

Combined with Walmart’s acquisition of Vizio, Vibe.co strengthens Walmart Connect’s ability to deliver simplified activation, enhanced targeting and measurable outcomes across its growing CTV ecosystem.

Following the close of the transaction, Vibe.co CEO and Co-Founder Arthur Querou, CTO and Co-Founder Franck Tetzlaff, and the broader Vibe.co team are expected to join Walmart Connect.

Walmart expects the transaction to close by the end of fiscal year 2027. Walmart said it does not expect the transaction to have any impact to FY27 sales and operating income growth guidance, as previously provided.

DENVER—MediaKind has announced the successful completion of its merger with Harmonic’s video business, creating an independent video infrastructure company with more than $250 million in annual revenue.

The integrated portfolio went live at mediakind.com on June 17.

MediaKind reported that the combined company enters the market with more than $100 million in annual recurring revenue (ARR), and over $150 million in annual appliance revenue. Bringing together complementary strengths across SaaS streaming, appliance platforms and cloud video technologies, MediaKind said that it serves a global blue-chip customer base and is uniquely positioned to help the media industry navigate the next era of streaming and video delivery.

“Bringing these two teams together under one roof is a powerful moment, creating a stronger, more capable partner for the media industry at a time of significant change.” said Allen Broome, CEO of MediaKind. “Outstanding technology, deep expertise, and a shared obsession with customer success — we’re ready to build something exceptional.”

To coincide with the merger, MediaKind has launched its new website. Visitors can now explore how the company is bringing together cloud-native software, SaaS services, and proven video infrastructure into a single, integrated offering at www.mediakind.com.

HUNT VALLEY, MD.—Sinclair has made a strategic investment in IRCODE, a company specializing in computer vision and AI aimed at making television interactive and shoppable.

Sinclair will also roll out IRCODE-powered interactive television through IRCODE Lens at its Salt Lake City and Austin, Texas, stations in July. Stations in other markets will follow throughout the year.

“Television has always delivered the audience. What it could not deliver was the proof of what happened next. IRCODE changes that,” said IRCODE CEO Matty Beckerman. “We give broadcasters and their advertisers the infrastructure to make every moment on screen interactive, measurable and connected to a real outcome. At Sinclair's scale, this is a new foundation for how television drives business results and how viewers connect with what they watch.”

IRCODE Lens is a 24/7 real-time interactive channel that lets viewers engage directly with what they see on screen to buy, win, connect and explore. The interactive TV solution is a white-label engagement and attribution layer that turns any piece of content or advertising into a measurable consumer touchpoint. IRCODE Lens runs entirely inside the broadcaster's existing apps, so every engagement and conversion stays first-party and owned by the station and advertiser.

The rollout will allow the stations to make interactive television a native capability inside their own platforms, giving brands and audiences a direct path to the products and experiences on screen.

IRCODE's real-time image recognition works like Shazam for images. It identifies what is on screen instantly without QR codes and connects the viewer to relevant content and commerce in the moment. The same technology is used today in 52 countries to recognize broadcast and on-screen content in real time at frame-level accuracy. The technology is format agnostic and built to create a frictionless customer journey from ads to premium content live sports and news.

To use IRCODE Lens, viewers in Salt Lake City or Austin will open their Sinclair station app, point their phone at the TV screen and move directly from what they are watching to the product or experience behind it. Because the interaction happens inside the station’s own app, the audience is identified and opted in, and every step of the journey from first scan to conversion is captured as first-party data.

For brands, interactive television closes the distance between awareness and action. An advertiser running a spot in Salt Lake City or Austin will be able to measure who engaged, what they did next and whether it led to a purchase with the same precision expected from a digital campaign. Engagement, conversion and return on investment become visible at the campaign level, and the data that proves it stays first-party to the ecosystem.

“Using their cell phone cameras and our app, viewers can participate in real time polls, comment on local news and interact with our advertisers. IRCODE is a powerful technology that provides an easy-to-use interactive experience that adds enormous value to our content. Now, we can plan on integrating user experience into our traditional over the air broadcasts,” said Del Parks, president of technology at Sinclair.

More information is available on the IRCODE and Sinclair websites.

In a new opinion piece published by Fortune, Nexstar founder, chairman and CEO Perry Sook vigorously defended the Nexstar/Tegna deal as “vital to the future of local television and local journalism,” and argued that local broadcast news operations could collapse and disappear, just as newspapers did, if the deal is not allowed to go through.

The OpEd piece comes at a time when Nexstar Tegna deal is bogged down in litigation after being approved by the Federal Communications Commission and the U.S. Department of Justice.

In April a judge in the U.S. District Court for the Eastern District of California issued an injunction preventing Nexstar from merger operations with Tegna while the court considers an antitrust suit filed by state Attorneys General and DirecTV.

In the OpEd, Sook stressed that “outdated” broadcast stations ownership rules have crippled local broadcasters and have allowed big tech to dominate the media landscape, creating an “inflection point” similar to what the newspaper industry faced before its collapse.

“In an era of rampant misinformation and growing polarization, local journalists provide a critical counterweight — offering verified facts and a forum for civic engagement,” Sook said, adding that sustaining that mission “in today’s environment requires [the kind of] scale” the Nexstar/Tegna merger would create.

“This transaction is vital to the future of local television and local journalism. Without the ability to grow, local broadcasters will struggle to compete for audiences, attract advertising, and invest in the journalism that is vital to our communities.”

The alternative of refusing to change ownership rules would be “dire,” hurling local communities into a “a future where Americans rely on algorithm-driven feeds, viral content, and AI-generated summaries for information. A future where local voices are diminished or disappear altogether. A future where fewer institutions are dedicated to reporting facts, holding power to account, and fostering informed civic dialogue…This deal offers us all a chance to preserve real news options for future generations of Americans.”

The full piece is available here.

WASHINGTON—The Antitrust Division of the U.S. Department of Justice has approved the proposed $111 billion acquisition of Warner Bros. Discovery (WBD) by Paramount Skydance, saying “the impact of the transaction will be to increase competition across the media and entertainment ecosystem, with benefits for American consumers and workers.”

The deal still faces possible opposition from the European Union, which has not yet concluded its investigation, from state Attorneys General. California Attorney General Rob Bonta is still reviewing the deal and could still file a lawsuit to block it, as state AGs did in the case of the Nexstar/Tegna deal, which also passed reviews by the DoJ and the Federal Communications Commission.

After an eight month investigation that involved reviewing more than 2 million documents, the Antitrust Division issued a statement late Friday June 12 noting that “based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American consumers, including with respect to: (1) streaming video on demand (SVOD); (2) linear television; and (3) studio development, production, or distribution of films for theatrical release.”

In terms of the streaming marketplace, the Division reported that the “evidence reviewed and carefully analyzed by the Division indicates that, post-merger, competition in SVOD is not likely to be harmed. To the contrary, the combined firm is likely to increase competition by offering consumers a more robust competitive alternative to the larger SVOD offerings.”

One of the more controversial aspects of the merger was its potential impact on Hollywood production and employment. “The substantial body of evidence available to the Division indicates that the transaction is not likely to harm competition in studio development, production, or distribution of films for theatrical release,” the DoJ argued in a statement. “Instead, the evidence shows extensive competition within the industry, which has generated greater output and diversity of film offerings, and is likely to continue unabated. In fact, even since the transaction was announced, the evidence shows competition for theatrical production and distribution has increased. Smaller studios have turned to innovative content development and distribution strategies to challenge traditional assumptions regarding the conditions necessary for successful theatrical release. Indeed, this remains true looking even at narrow categories like “tentpole” or `blockbuster’ theatrical production and distribution.”

The full statement is available here.

NEW YORK and SAN JOSE, Calif.—Fox Corp. announced today that it is acquiring Roku, the world’s leading connected TV platform in a cash and stock transaction valued at approximately $22 billion ($160 per share).

The acquisition will give Fox a strong foothold in what is considered the fastest growing segment in the TV advertising market, connected TV (aka “CTV”) and free ad-support TV (aka "FAST"), and an expanding market for its live news and sports programming, according to Lachlan K. Murdoch, Executive Chair and Chief Executive Officer of Fox Corp.

The deal, if approved, would give Fox a stronger platform for its Fox One direct to consumer streaming services launched in 2025 and a unique position among media companies—owning a major broadcast network, one of the largest FAST services (Tubi), a leading TV OS, a premiere CTV platform and a leading streaming service (The Roku Channel).

Bringing all of those platforms together in a combined media ecosystem will bring the company closer to offering advertisers a more holistic approach to media programming, distribution and monetization for both live/linear and streaming/on-demand services.

“This is a defining moment for Fox, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade,” he said. “In 2019, we reoriented the company around live news and sports. In 2020, we acquired Tubi, and under our stewardship it has become one of the most successful businesses in streaming. Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it.”

The transaction combines Fox’s sports, news, and entertainment content and the Tubi service with Roku’s leading connected TV platform, The Roku Channel, first-party data and direct relationship with more than 100 million global streaming households. Fox said its acquisition of Roku “will create a scaled next-generation media and technology company positioned at the intersection of two of the most important forces reshaping video consumption: the enduring primacy of live sports and news, and the continued rise of streaming.”

Roku Founder, Chairman and CEO Anthony Wood will join the combined company and its board.

“I’m incredibly proud of what our team has built, and the combination with Fox is an extraordinary opportunity to accelerate our vision, scale faster, and innovate more aggressively for viewers, partners, and advertisers,” Wood said. “That’s why our Board of Directors unanimously determined after concluding its strategic review process that this transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company. I couldn’t be more excited about what we’ll accomplish together.”

Fox and Roku said they are “committed to continuing to operate Roku as an open, partner-friendly platform and to the continued ubiquitous distribution of Fox content.”

In its investor call this morning, Murdoch emphasized the importance of maintaining Roku’s extensive partnerships with competitors such as Netflix, Amazon or Disney.

“It is essential that Roku remain an open and partner-friendly business,” he said. “We're in a business that we have tremendous partners who really rely on Roku for a lot of their distribution, and we don't see that changing at all from a Fox perspective.

Wood added that “Roku has a very large platform business [that] consists of advertising and subscriptions. A lot of that business is driven by promotion of our partners, and our goal is to grow that business. It's not for that business to retreat, so we're going to continue to grow that business. That means that means working closely with partners to do that."

On a pro forma basis, the combined company will become the third-largest player in U.S. TV by share of viewing, spanning “every major viewing environment—broadcast, cable, local, and streaming – creating broad and diversified reach that benefits viewers, partners, and advertisers.”

Upon closing, existing Fox shareholders are expected to own approximately 73% of the combined company and Roku shareholders approximately 27%. The transaction has been unanimously approved by the Boards of Directors of both companies. The transaction is expected to strengthen Fox's long-term growth profile, accelerate its digital strategy, be accretive to free cash flow per share by the second full year after closing, and achieve approximately $400 million of run-rate cost synergies with additional revenue upside.

Fox expects to fund the cash portion of the transaction consideration with a combination of new debt and cash on hand. Fox has obtained $12.0 billion of fully committed bridge financing from Morgan Stanley Senior Funding, Inc. At closing, the company expects pro forma net leverage to be approximately 2.8x, inclusive of 50% credit for run-rate cost synergies. Additional detail on financing terms will be included in the companies' required filings with the Securities and Exchange Commission.

TORONTO—Lumine Group Inc. has announced that one of its subsidiaries has entered into an agreement to acquire the video network business from Synamedia.

When the deal is completed, Lumine will set up a new independent company operating under the name of its primary product name, Quortex.

Financial terms of the deal were not disclosed.

Headquartered in the UK, Synamedia is a global provider of video software solutions helping operators, broadcasters and media companies transform how video is delivered, experienced and monetised. With more than 30 years of industry expertise, Synamedia combines cloud and AI technologies, operational scale, managed services, and deep domain knowledge.

“The Synamedia Video Network business will be a meaningful addition to Lumine’s growing media ecosystem,” said Tony Garcia, chief operating officer at Lumine Group. “On completion, this acquisition will deepen our presence in the Media supply chain domain, with particular focus on video processing, broadcast delivery and live streaming. Consistent with Lumine’s decentralization strategy, the business will operate independently under its primary product name, ‘Quortex’. We look forward to welcoming this global team and its customers to Lumine, to share our best practices, and to learn from their decades of industry insight.”

“This transaction on completion will mark an exciting new chapter for both Synamedia and Quortex,” explained Paul Segre, CEO of Synamedia. “This will create two distinct businesses with clear strategic direction and strong category positioning, allowing both to move faster, innovate more effectively and deepen the value they deliver to customers around the world. We look forward to working closely with Lumine over the coming weeks to ensure a smooth transition for our valued employees, customers and partners.”

Quortex has a proven track record of building and delivering intelligent video solutions across cloud, on-premise and hybrid environments. Customers include broadcasters, media companies, telcos and streamers. Its portfolio and services address some of the industry’s most pertinent challenges today, including preparing for the pending C-Band transition in the U.S., transitioning from satellite to IP, delivering high quality viewing experiences and monetizing services.

The acquisition is anticipated to close in the near future, subject to customary closing conditions and completion of applicable employee consultation processes.

In the wake of the deal, Synamedia said it is embarking on its next chapter by reimagining the future of viewing experiences and launching an integrated portfolio that helps operators grow audiences, accelerate monetization, innovate faster, and simplify operations

Segre explained that “for too long, the video industry has watched the battle for audience attention move elsewhere. Consumer expectations have changed, economic pressures have increased, and operators need new ways to engage viewers, grow audiences, and compete effectively. Synamedia is dedicated to changing that dynamic. By bringing together the engagement and discovery experiences of mobile and the large screen, consumers can enjoy new experiences that were previously unimaginable and our customers, the operators, can win back audiences and thrive again.”

The company noted that its integrated portfolio of Go, Senza, Iris, ContentArmor, and Gravity, combine deep video expertise with next-generation technologies to help operators innovate faster, grow audiences, and compete more effectively in the attention economy.

Synamedia Go delivers streaming, audience engagement, and monetisation across mobile and big-screen experiences. Recently expanded with GO Smart and GO Shorts, it adds machine learning-driven personalisation and short-form content experiences designed to engage new generations of viewers.

Synamedia Senza reimagines the viewing experience through cloud-rendered user interfaces and rapid innovation. With Senza Ignite, operators can transform previously deployed and hardware-constrained devices into modern, continuously evolving viewing platforms without hardware replacement.

Synamedia Iris unlocks new revenue streams through advanced targeted and addressable advertising across broadcast, IP, OTT, and hybrid services, enabling more effective monetisation across every screen.

Beyond Go, Senza, and Iris, Synamedia continues to invest across its broader portfolio to help operators grow audiences, protect profitability, and deliver exceptional viewing experiences. Synamedia’s security portfolio, including ContentArmor’s industry-leading watermarking technology, helps operators protect premium content and stay ahead of piracy, while Synamedia Gravity enhances connectivity through intelligent broadband management to simplify the delivery of broadband services of the highest quality.

“This is a truly exciting time for Synamedia and our industry,” said Dr Tzvi Gerstl, GM Media Cloud Technology, Synamedia. “The pressure to reinvent the viewing experience has never been greater, and our portfolio is now hyper-focused on helping our customers lead that transformation. By bringing together the engagement and discovery experiences audiences embrace on mobile with innovative large-screen experiences powered by cloud and AI, we are enabling operators to redefine video entertainment wherever audiences choose to watch. The battle for attention is far from over, and our platform, technology, and expertise help our customers win it.”

Nexstar Media Group has filed a wide-ranging appeal of a federal court ruling in California blocking it from integrating its operations with Tegna that argues the injunction is costing it “unrecoverable lost operational efficiencies exceeding tens of millions of dollars, a number growing every day.”

The filing with the 9th U.S. Circuit Court of Appeals also argued that the injunction issued in April by the U.S. District Court for the Eastern District of California is much too broad and should be either reversed or limited in scope.

Nexstar had raised similar arguments about severe financial harm in April in response to an antitrust case filed against it by multiple state attorneys general and DirecTV in the Eastern District of California.

In that case, DirecTV and the AGs had asked the court for an injunction that would prevent Nexstar from going ahead with the merger even though the deal had been closed and the FCC and the Department of Justice had approved the merger.

In April, Judge Troy L. Nunley rejected Nexstar’s arguments and imposed an injunction blocking Nexstar from going ahead with its Tegna merger until the court decided the antitrust issues.

In its appeal to the 9th Circuit filed on May 20, Nexstar stressed that the “injunction is inflicting ongoing and severe harm on Nexstar and the assets of former Tegna. As Nexstar’s COO explained, because the injunction requires the companies to ‘maintain artificial operational separation despite common ownership,’ they are unable to execute fully ‘key business functions such as advertising sales, management, local news production, distribution and business strategy.’ That ‘reduce[s] operational efficiency and limit[s] Nexstar’s (and a separate Tegna’s) ability to compete effectively.‘ Nexstar has already suffered unrecoverable lost operational efficiencies exceeding tens of millions of dollars, a number growing every day.”

Nexstar also complained that the injunction is preventing it from “implementing technological improvements for former Tegna stations” that could make the stations more competitive against streaming and digital platforms.

“For instance, Nexstar will be delayed in implementing the ATSC 3.0 standard, which provides for a more efficient use of spectrum,” the appeal stated. “That standard would enable Nexstar to provide additional services to consumers and businesses, including additional content, interactive television, signal encryption, and data transmission services for former Tegna stations.”

The injunction also makes it impossible to undertake “critically needed cost reductions or indeed making any changes to its business that might be needed to survive” and it “risks the loss of key employees, including former Tegna employees who are uncertain about the company’s structure and future.”

“Since issuance of the injunction, the harms Nexstar described to the district court are now occurring,” the appeal argued. “All these harms injure not just Nexstar and the Tegna assets the district court sought to protect, but also the local news Nexstar creates and disseminates for free to the public. Nexstar thus seeks urgent relief from this Court.”

Nexstar also argued that a “district court lacks authority to issue injunctive relief broader than necessary to remedy the harms alleged by the specific plaintiffs before the court, The preliminary injunction here defies that bedrock principle. Plaintiffs challenge contract negotiations and local news production in a fraction of the country’s localities—yet the district court froze integration of virtually all of Defendants’ nationwide businesses, reaching stations, operations and corporate functions that have nothing to do with Plaintiffs’ alleged harms. This Court should narrow the preliminary injunction to match the law and what Plaintiffs actually allege.”

“Plaintiffs fell far short of their burden for the extraordinary relief of a preliminary injunction of any kind, let alone one this sweeping,” Nexstar added. “Defendants are eager for discovery and trial on the merits, where the full evidentiary record will defeat Plaintiffs’ claims. But Defendants cannot wait for trial to challenge the scope of the injunction. With each passing day, the injunction’s unnecessary breadth inflicts unrecoverable harm. Worse still, it degrades the very assets it purports to protect. This appeal seeks urgent, targeted relief: narrowing the injunction to match the harms Plaintiffs argued below.”

WASHINGTON—DirecTV and broadband and cable associations from six states have filed comments with the Federal Communications Commission urging the agency to block E.W. Scripps proposed acquisition of INYO.

In February, Scripps announced that it was exercising its option to re-acquire 23 ION-affiliated stations for about $54 million. The stations were divested to INYO Broadcast Holdings in January of 2021 as part of its acquisition of ION so that the deal would comply with Federal Communications Commission ownership caps.

The filing argued “in re-acquiring these stations, Scripps will own television stations covering 40.29 percent of U.S. households (taking into account the UHF discount), thereby exceeding the FCC’s National Television Multiple Ownership Rule.”

Although the FCC has been increasingly willing to waive ownership caps, something that it did with the Nexstar/Tegna deal, the filing also argued that “the FCC lacks authority to waive the National Cap. The 2004 Consolidated Appropriations Act (CAA) enshrined a `39 percent national audience reach limitation’ into law by (1) directing the Commission to adopt the 39 percent limit; (2) excluding the 39 percent cap from the quadrennial review of broadcast ownership rules; (3) removing the Commission’s forbearance authority with respect to entities that exceed the 39-percent cap; and (4) requiring any entity exceeding that limit (except through population growth) to come into compliance in two years or less.”

“Petitioners recognize that the Media Bureau recently rejected these arguments in approving Nexstar’s acquisition of Tegna,” the filing noted. “But that decision was both erroneous on the merits and involved `novel questions of law, fact or policy that cannot be resolved under existing precedents and guidelines.’ Petitioners have sought full Commission review of that decision. Unless and until the full Commission (and reviewing courts) affirm the Media Bureau’s approach, Petitioners will continue to raise their concerns in appropriate contexts.”

The filing notes that if the deal is approved, the re-acquisition of these twenty-three stations, which are “primarily” ION affiliates, would give Scripps its “first station in nine local markets, create new duopolies in four local markets, and (assuming approval of a separate transaction) create new triopolies in eight local markets. Adding these stations to Scripps’ portfolio will also give the company a national audience reach of 40.29 percent when taking the UHF discount into account—thereby exceeding the National Cap.”

Those arguments have been consistently rejected by The FCC and broadcasters. In the last year, the FCC has argued that the ownership caps are in fact FCC rules, not a statutory requirement set by Congress and that the Media Bureau does have the authority to waive those rules.

The full filing is available here.

WASHINGTON—A coalition of public interest groups has filed a motion with the U.S. Court of Appeals for the D.C. Circuit urging the court to stay an order issued by the Media Bureau of Federal Communication Commission approving the Nexstar/Tegna merger and force the FCC to act on their petition to review the decision.

In a May 18 brief, Free Press, the Communications Workers of America, the United Church of Christ Media Justice Ministry, Inc., and Public Knowledge told the U.S. Court of Appeals for the D.C. Circuit that the FCC had taken actions designed to frustrate the court’s review of the agency’s merger-approval decision. The brief also explained how Nexstar has tried to move forward with its proposed takeover of Tegna without allowing time for judicial review of the transaction.

“The order approving the transfer of TEGNA’s licenses to Nexstar is plainly unlawful,” the appellants argued in the brief. “The FCC’s and Nexstar’s gambits cannot insulate this merger—which would far exceed the limits that Congress imposed—from judicial review.”

The appellants urge the court to make the full Commission review the Media Bureau’s order and facilitate the D.C. Circuit’s review of this unlawful FCC decision. In this case, lawyers at Democracy Forward are representing the appellants.

“The Court should issue a writ of mandamus directing the full Commission to act on Appellants' application for review and to stay the Media Bureau's order pending this Court's review,” the May 18 brief argued. “In the alternative, the Court should hold the petitions for mandamus in abeyance while the merger is enjoined and order the Commission to report on the status of the application for review every 30 days.”

The filing was made in two combined cases seeking to block the merger. One is an antitrust suit brought by Broadband Communications Association Of Pennsylvania, Newsmax and others; the second one was an emergency petition brought by Free Press and other groups asking the court to force the FCC to act on their motion to reconsider the merger approval.

The FCC opposed the petition and the court subsequently denied motions for an emergency stay of the merger, in part because a federal court in California has issued a preliminary injunction halting the merger as it considers a separate antitrust lawsuit filed by various states and DirecTV.

Opponents argues that If allowed to proceed, the merger would let Nexstar own or operate 265 full-power television stations reaching more than 80 percent of U.S. television households. This is more than double the 39 percent national ownership limit that Congress set. In many markets, Nexstar would control half or more of all commercial stations that air English-language news, further limiting options in already concentrated markets.

“The FCC’s politically motivated approval of the Nexstar-Tegna merger makes a mockery of the rules Congress created to prevent broadcast-television monopolies,” said Matt Wood, Free Press’ vice president of policy and general counsel, in a statement. “The most offensive trick in FCC Chairman Brendan Carr’s arsenal is the claim that FCC underlings can bless a transaction and let the merger proponents close the deal — yet somehow that decision isn’t final for purposes of appellate-court review. As our pleadings in this case make clear, Trump’s FCC chairman celebrates this decision he ordered, yet still has the gall to go to court and say the decision isn’t final enough for appeal.”

“The harms will be immense if a broadcast giant like Nexstar is allowed to control even more local-news media,” he added. “Congress rightly made broadcast TV-station consolidation of this scale illegal. That’s why we’ve asked the D.C. Circuit to stop this unlawful merger, and to reject Brendan Carr’s scheme to let the deal go ahead while shielding it from court review. And it’s why we’re committed to fighting the ongoing takeover of U.S. media by interests that are beholden to an authoritarian president — and care little about serving the needs of a diverse democracy.”

In its filing with the court, the FCC has said the full Commission will vote on the merger, which the Media Bureau found to be “in the public interest” sometime this year but declined to offer a specific date or time frame.

The French advertising giant Publicis Groupe has entered into an agreement to acquire San Francisco-based  LiveRamp, a global data collaboration platform, for $2.167 billion in an all-cash transaction, based on an acquisition price of $38.50 per share.

LiveRamp, which has over 1,300 employees, offers a data collaboration network for AI-powered marketing that enables companies to unify, manage, and activate data across the digital ecosystem. 

Currently, it connects over 25,000 publisher domains and 500+ technology and data partners across 14 markets, and enables thousands of brands, retailers, media platforms, and data providers to collaborate and connect their data.

"LiveRamp joining Publicis Groupe is the latest demonstration of our commitment to investing in new talent and innovation, ahead of market shifts,” said Arthur Sadoun, Chairman and CEO of Publicis Groupe. “After acquiring Epsilon in 2019 in the name of personalization at scale and enabling​ our clients to take back control of their data from the walled gardens, by shifting from cookies to identity, once again we are looking ahead to what’s next. By building the future of data co-creation, we’re empowering our clients to generate new, exclusive and proprietary data, to build the smartest, most differentiated AI agents on top of the leading LLMs.”

This, he added, “will be valuable for our clients’ business growth” and create “a new addressable market for Publicis.”

“With LiveRamp, Publicis will become a leader in data co-creation, an important capability in the age of artificial intelligence and an enabler of agentic business transformation,” added Carla Serrano, Chief Strategy Officer, Publicis Groupe. “With this acquisition, for a total enterprise value of $2.2 billion, the Groupe furthers its investment in technology, data, and AI-services to unlock new opportunities for the agentic era. In doing so it will  expand its addressable market, allowing it to raise its 2027-2028 objectives on net revenue and headline EPS growth at constant currency.”

The purchase price represents a 29.8% premium to LiveRamp’s closing share price on May 15th, 2026, the last trading day prior to the announcement of the agreement. The transaction has been unanimously approved by the Board of Directors of both Publicis Groupe and LiveRamp.

Following the acquisition, LiveRamp will continue to be led by CEO Scott Howe, who will report directly to Publicis Groupe CEO Arthur Sadoun. LiveRamp will continue to operate as a neutral, interoperable platform.

The transaction is expected to close before year-end 2026, subject to regulatory approvals, approval by LiveRamp's shareholders and other closing conditions.

CINCINNATI—The E.W. Scripps Company and Gray Media have announced that they’ve completed local TV station swaps across five mid-sized and small markets.

In late April, the FCC approved the license transfers.

The agreement, which was originally announced in July 2025 means that:

• • Gray Media has acquired Scripps’ WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana.
• • Scripps has acquired Gray’s KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and KSVT-LD (Fox) in Twin Falls, Idaho.

The transaction expands Scripps’ presence in Colorado Springs and Twin Falls – markets where the company already operates trusted local stations – and establishes a new footprint in Grand Junction.

“Greater depth in these markets creates the economic durability to sustain our public service commitment: high quality local news, emergency alerts, weather coverage and local sports that keep people informed, engaged and connected to their communities,” said Adam Symson, Scripps’ president and CEO. “We see scale and localism as complementary, and strategic transactions like this help ensure our stations remain strong, trusted voices for the communities that depend on us.”

The swap involves an even exchange of comparable assets with no cash consideration exchanged between the companies.

WASHINGTON—The American Television Alliance (ATVA) has submitted a letter to the Federal Communications Commission (arguing that broadcasters are using loopholes to evade meaningful agency review of broadcast transactions.

ATVA is backed by pay TV providers and associations.

In the filing, ATVA said that under the 1996 Telecom Act, the FCC is required to review transactions involving television stations to ensure they serve the public interest.

ATVA also noted that the commission must evaluate potential harms to consumers and local communities, including higher prices, reduced competition and diminished local news coverage when a broadcast station group owner tries to combine two or more major national broadcast network affiliations within a single market.

Increasingly, however, ATVA noted that broadcasters are exploiting loopholes to sidestep reviews.

ATVA’s filing contends, for example, that Sinclair is using “affiliation swaps” loopholes to avoid reviews.

Rather than directly acquiring a competing station with a major network affiliation, ATVA cited examples of where Sinclair first acquired that station’s network programming rights—such as ABC content—a transaction that does not trigger the review process.

It can then place that programming on a secondary digital “multicast” channel of a station it already owns, temporarily carrying, for example, both CBS and ABC programming under a single broadcast license.

Then, ATVA argued, Sinclair submitted an application to acquire the now stripped-down station itself. Because the second station no longer carries a “Big Four” network at the time of the sale, the resulting transaction appears less significant on paper and often receives only a cursory review. After the deal is approved, Sinclair can then shift the ABC programming back to the newly acquired station, the ATVA contended.

“Sinclair’s recently approved transactions demonstrate how broadcasters use affiliation swaps or changes to consolidate within local markets while avoiding Commission review or public comment,” the letter said. “The Commission should put an end to these practices. It should modify its rules in order to ensure proper oversight over such transactions, and to limit the increasingly widespread consolidation in the television marketplace.”

ATVA also stressed that Sinclair CEO Chris Ripley told Wall Street analysts during an April 30 first-quarter earnings call that duopolies, or “double-ups,” are core to Sinclair’s strategy due to their inherent operating efficiencies.

ATVA made the filing as part of the quadrennial regulatory review.

RALEIGH, N.C. & NEW YORK, N.Y.—PlayMetrics, a major provider of operations management software for youth sports organizations, has completed its acquisition of substantially all the assets of SportsEngine from Versant Media Group, Inc.

Financial terms of the deal were not disclosed.

The transaction includes SportsEngine's full suite of software and payments products, including its club, league, tournament, and studio management platforms.

Prior to the spinoff of NBCUniversal spinning off its cable networks into Versant in early 2026, SportsEngine had been part of NBC Sport Next.

"PlayMetrics has redefined what technology can do for youth sports — and this acquisition accelerates that mission further and faster than we could before,” said Mike Doernberg, CEO of PlayMetrics. “SportsEngine customers can expect the same great service they rely on today and will gain access to the full depth of technology offerings PlayMetrics has built. Our goal is singular and we won't stop until we've achieved it: build the best platform for youth sports operators.”

The addition of SportsEngine strengthens PlayMetrics' capabilities as a comprehensive operating system for clubs, leagues, tournaments, and governing bodies, expanding its services across the youth sports segment and bringing new organizations and users onto its platform, the companies said.

SportsEngine provides scaled technology and services to simplify and grow youth sports. Its portfolio of software offerings includes SportsEngine HQ for club, league, and team management; SportsEngine Motion for studio and class-based sports; SportsEngine Tourney for tournament management; SportsEngine Play for live and on-demand video and training content; and SportsEngine AES for volleyball competition management.

Ropes & Gray acted as legal counsel and LionTree Advisors acted as exclusive financial advisor to PlayMetrics. Gibson Dunn acted as legal counsel and Lazard acted as exclusive financial advisor to VSNT.

WASHINGTON—The Federal Communications Commissions’ Media Bureau has approved the transfer of TV station licenses from subsidiaries of SagamoreHill Broadcasting II and Block Communications to Gray Media.

In granting its approval of station acquisitions announced last year, the agency waived some of the FCC's station ownership rules.

In granting the transfers, the FCC rejected arguments from DirecTV, Georgia Cable Association, Illinois Broadband & Cable Association, Indiana Cable and Broadband Association, Tennessee Cable & Broadband Association, Business Forward, Asian Americans Advancing Justice and Christopher Ruddy, CEO of Newsmax Media, Inc.

“After carefully and thoroughly reviewing the record, we find that there are no material public interest harms arising from the Transactions,” the agency noted. “We further find that certain transaction-related public interest benefits are likely to be realized, especially given Gray’s reaffirmed commitment to “strong local news and information programming.”

The approval gives Gray ownership of WAND(TV), Decatur, Illinois, its first full power station in the Champaign-Urbana & Springfield-Decatur, Ill. DMA, and WLIO(TV), Lima, Ohio, its first full power station in the Lima, Ohio DMA.

In addition, Gray will now own two full power stations, a duopoly, in the Columbus, Ga.-Opelika, Ala. DMA with WTVM(TV), Columbus, Ga., and WLTZ(TV), Columbus, Ga.

It will also have three full power stations, a triopoly in Lubbock, Texas with KCBD(TV) and KJTV-TV, Lubbock, Texas, and KLCW-TV, Wolfforth, Texas and a triopoly in Louisville, Ky. with WAVE(TV) and WDRB(TV), Louisville, Ky., and WBKI(TV), Salem, Ind.

With the approvals, Gray announced that it had closed on its previously announced transaction with Block Communications, Inc. for a total purchase price of $80 million.

More specifically, that transaction included WDRB and WBKI, the Fox and The CW affiliates for the Louisville, Kentucky, market (DMA 49), where Gray owns and operates NBC affiliate WAVE-TV. The transaction also includes WAND, the NBC affiliate for the Springfield-Champaign-Decatur, Illinois, market (DMA 92), and WLIO, the NBC affiliate for the Lima, Ohio, market (DMA 190), as well as WLIO’s associated low-power television stations.

Last year in July, shortly before the Block deal, Gray announced it was buying SagamoreHill Broadcasting’s WLTZ, the NBC affiliate in Columbus, Ga. (DMA 127), and KJTV, the Fox affiliate in Lubbock, Texas (DMA 140).

Nexstar Media Group reported record revenue in the first quarter, up 13.1% year over year, as executives outlined plans to combat antitrust lawsuits that are seeking to block the company’s $6.2 billion acquisition of Tegna, insisting they would complete the merger.

In its earnings report, Nexstar reported net revenue of $1.396 billion in Q1 2026, up 13.1% from the $1.234 billion reported a year earlier as net income spiked by 64.9% YoY to $160 million in Q1. Advertising was strong, up 19.1% YoY to $548 million, while distribution revenue increased by 9.8% YoY to $847 million.

Lee Gliha, executive vice president and chief financial officer, said the company was seeing a “a little bit of a weaker advertising environment in the second quarter than we did see in the first quarter.”

“What I tend to look at is I look at our categories and I look at which ones are increasing versus decreasing on a quarter-to-quarter basis,” Gliha added. “And last quarter, it was about 50-50. And this quarter, it's about 2/3 decreasing and 1/3 increasing. So I think it's just kind of a general overall weakness.”

Perry Sook, founder, chairman and CEO of Nexstar, said that “our acquisition of Tegna represents an important step in solidifying our future” and cautioned analysts “against attempting to draw legal conclusions at this stage.”

“We are confident in our arguments expressed in detail in the FCC's order approving the transaction that a stronger, more financially resilient and local broadcast industry is in the public's best interest,” Sook said. “We believe this is a fight worth having for us, for our industry and for the future of local journalism.”

“This transaction represents an opportunity to further our long-standing commitment to serving the communities of all sizes with high-quality free over-the-air programming, fact-based journalism and innovative digital and marketing solutions for both our viewers and our advertising partners,” he added. “We're focused on presenting the strongest possible legal arguments to the court, and to that end, we've engaged Beth Wilkinson at Wilkinson Stekloff, to lead our trial and appellate efforts, supplementing our former antitrust council at Morrison Forrester. Beth is one of the nation's most highly regarded trial lawyers having recently led the defense team that secured a victory for the NFL and its 32 member teams and a major antitrust class action suit challenging the Sunday Ticket distribution and related media agreements.”

“With our expanded legal team in place, we move forward now with complete confidence in the merits of our case and our ability to bring this process to a successful conclusion,” he explained. “As far as next steps are concerned, there are multiple legal proceedings underway. First, we filed our notice of appeal of the preliminary injunction before the Ninth Circuit Court of Appeals. Second, the trial in the U.S. District Court for the Eastern District of California. And finally, there is also a separate challenge to the FCC's approval of the transaction pending before the D.C. Circuit Court. The court has already denied a request for an emergency stay finding that it lacks jurisdiction at this stage. Both we and the FCC have been directed to file responses to the petition by May 11.”

“While we don't have control over the various courts’ timelines, in the meantime, in compliance with the court order, Nexstar and Tegna are operating separately and we are proud of both teams’ continued focus on execution and their local community commitments,” he said.

In response to a question about why the FCC didn’t eliminate the ownership cap first and then approve the Nexstar/Tegna deal, Sook stressed that “the Tegna acquisition was approved. We do own the assets. I want to start there, and we feel that went through a fulsome approval process at both the FCC and the DOJ…I don't presuppose to be in the mind of chairman [Carr], but if you go back and look at public statements that he's made, since he was a commissioner, whether his party was in power or out of powe, he has said these rules are antiquated relic of the past and they need to go.

“I believe to this day, and I don't rule out that he will start a proceeding perhaps in this quarter or the next quarter would be a rulemaking to eliminate the national ownership cap,” Sook added. “I think that Chairman Carr is totally aware of market realities why he's taking the actions that he has taken, and so I think we are still on a path to regulatory deregulation and we are very thankful that we were able to make a persuasive case to qualify for a waiver during dependency of those proceedings.”

But Sook cautioned that “it's not just as simple as putting out a press release and saying, there was a change. There's a lot of legal work that has to go into that, a lot of wordsmithing, a lot of consultation with advisers. So I don't—I would not suppose or presume that those actions are off track. It's just—there's obviously a lot going on, a lot of M&A in addition to ours, that is under consideration at the FCC and the DOJ. And so I just think it's—I think these things are moving through the pipeline, but I would not presume that they have stopped or will not move through the pipeline ultimately.”

Nexstar President and Chief Operating Officer Michael Biard added that he didn't think changing the ownership rules prior to approving the Nexstar-Tegna deal would have stopped opponents from filing suits to block the deal.

"I don't think if you look at the claims that have been made in the litigation that the order with respect to the cap would change anything," he said. "The claims being made by the plaintiffs essentially are outside of the FCC purview. They come from an antitrust perspective, which is really a different analysis mile than the FCC. I think the FCC could have yielded a waiver, a complete elimination of the rules in gold and served it up on a platter, and the plaintiff still would have found reason to complain in this case."

The Federal Communications Commission is urging the U.S. Court of Appeals for the D.C. Circuit to dismiss appeals filed in consolidated antitrust cases seeking to block the agency’s previously issued ruling approving the Nexstar/Tegna merger.

The motions appealing the FCC's approval were filed in the court by several broadband associations, DirecTV and Newsmax. Since then, in late April, the U.S. Court of Appeals for the District of Columbia Circuit denied an emergency motion to stay the $6.2 billion Nexstar/Tegna merger.

In a May 5 filing the FCC argued that “under binding Circuit precedent, this Court lacks jurisdiction to review an order issued by the Commission’s staff. The Court should therefore dismiss these appeals.”

In its arguments, the FCC noted that its Media Bureau, “not the Commission, has acted. And the Commission has not denied—constructively or otherwise—the recently filed application for review.

In all events, appellants’ arguments in support of jurisdiction cannot overcome the plain text of 47 U.S.C. § 155(c)(7). The second sentence of that provision states: `The time … within which an appeal must be taken under [47 U.S.C. § 402(b)] shall be computed from the date upon which public notice is given of orders disposing of all applications for review filed in any case.’”

“Thus, Congress made clear that the filing window for appeals under section 402(b)—i.e., the timeframe `within which an appeal must be taken’—does not open until the FCC has acted on all pending applications for review of staff decisions. This confirms what the Court previously concluded: `Congress did not intend that the court review a staff decision that has not been adopted by the Commission itself.’”

As a result, “This Court lacks jurisdiction to review orders issued by the FCC’s staff, including the Media Bureau’s order in this case,” the FCC concluded. “Accordingly, the Court should grant this motion and dismiss these appeals.”

The merger has also been challenged in Federal Court in California, where the court has issued a preliminary injunction preventing Nexstar from going ahead with the merger.

WASHINGTON—Commissioner Anna M. Gomez is calling on the Federal Communications Commission to conduct a full, independent, and rigorous review of the foreign ownership interests embedded in the proposed Paramount-Warner Bros. Discovery merger.

In urging the regulator to take a hard look at the deal, Gomez, the agency’s sole Democrat, noted that Paramount owns CBS, which holds broadcast licenses regulated by the FCC. Under federal law, foreign governments and their representatives are prohibited from owning those licenses, and any indirect foreign ownership above 25 percent requires the commission to approve the deal and take a serious look into whether that arrangement serves the American public and protects national security.

As previously reported, Paramount has already filed a petition with the FCC seeking approval of foreign investment.

In the filing, Paramount Global said that following the completion of the merger with Warner Bros. Discovery, which has been approved by the FCC and shareholders, the combined company would be 49.5% owned by foreign companies and that Middle Eastern investors would hold 38.5% of the company’s equity.

Those Middle Eastern investors include Saudi Arabia’s Public Investment Fund (15.1% equity stake), the United Arab Emirates’ sovereign wealth fund (12.8% equity) and the Qatar Investment Authority (10.6% equity).

“The American public deserves to know who owns the airwaves that carry their news,” Gomez said in a statement. “I am alarmed by what appears to be an effort to rubber-stamp a financial structure that places nearly half of one of America’s largest broadcast and media companies into the hands of foreign governments with documented records of press suppression and a troubling willingness to silence journalists. There are serious, unresolved questions about how this foreign investment may jeopardize national security, and this Commission has a legal obligation to answer them before handing wealthy friends of this Administration yet another Billionaire Buddy Bypass on a transaction that strikes at the heart of American journalism.”

The transaction before the commission involves sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi investing in a company that controls CBS broadcast stations, as well as major cable news operations, including CNN.

In a press release on the issue, Gomez noted that among the named investors is Saudi Arabia’s Public Investment Fund, controlled by Crown Prince Mohammed bin Salman, whom the U.S. intelligence community concluded ordered the murder of Washington Post journalist Jamal Khashoggi in 2018.

Adding to these concerns, Tencent, a U.S.-designated Chinese military company, withdrew from the transaction last year after its participation threatened to trigger a national security review by the Committee on Foreign Investment in the United States (CFIUS), only to resurface in reported discussions about a potential investment. Whether Tencent ultimately participates, and at what level, remains unclear, raising further questions about the full scope of foreign investment in this deal, the release from Gomez's office said.

Gomez called on the FCC to take concrete steps before acting on this petition.

More specifically, she asks that the commission make all foreign investment agreements publicly available. She also wants the FCC to open the proceeding to public comment so Americans can weigh in on who is buying into public airwaves. Finally, she asks the FCC to coordinate with national security agencies, including CFIUS and the DOJ National Security Division, before drawing any conclusions about the risks this deal poses to national security.

Her calls echo those made by multiple members of Congress, including Sens. Cory Booker (D-N.J.), Chuck Schumer (D-N.Y.), and Elizabeth Warren (D-Mass.), as well as Rep. Sam Liccardo (D-Calif.), who have similarly urged the Commission to conduct a rigorous and independent review before taking any action.

“The public airwaves belong to every American, not just billionaire buddies of this Administration and the foreign governments that fund them,” Gomez concluded. “Instead of auctioning them off to the highest foreign bidder, the FCC should do more to protect them.”

The Paramount petition on foreign ownership did stress that the Ellison family will continue to be the largest shareholder and will own 100% of the voting shares.

ATLANTA—Gray Media has closed on its previously announced purchase of 10 stations from Byron Allen’s Allen Media Group for $171 million plus working capital adjustments.

On March 26, Gray closed on stations in three new markets: Columbus-Tupelo, Miss.; Terre Haute, Ind.; and West Lafayette, Ind. It acquired the seven remaining stations, all in overlap markets, on May 1.

The deal included the following stations:

• DMA 75: WAAY, Huntsville, Ala. (ABC)
• DMA 90: WSIL, Paducah-Cape Girardeau-Harrisburg, Mo. (ABC)
• DMA 109: WEVV, Evansville, Ind. (CBS/Fox)
• DMA 110: WWFT, Fort Wayne, Ind. WFFT (Fox)
• DMA 121: WCOV, Montgomery, Ala. (Fox)
• DMA 124: KADN, Lafayette, La. (Fox/NBC)
• DMA 134: WTVVA, Columbus-Tupelo, Miss. (ABC/NBC)
• DMA 137: WREX, Rockford, Ill. (NBC)
• DMA 159: WTHI, Terre Haute, Ind. (CBS/FOX)
• DMA 189 WLFI, West Lafayette, Ind. (CBS)

Parks Associates’ latest streaming video research highlights what it is calling a “new era of streaming scale” with data showing that Paramount’s acquisition of Warner Bros. Discovery (WBD) would extend the combined company’s reach to 57% of all US internet households.

This deal would put it on par with the four streaming giants, Netflix, Google, Amazon, and Disney, which each reach nearly 60% of all consumers via their various platforms and services.

According to the latest data, nearly two-thirds (64%) of US internet households use Netflix, making it the most widely adopted streaming ecosystem. Amazon follows closely, with 61% of households engaging across its portfolio, including Prime Video and MGM+, while YouTube’s suite of services reaches 61% of households as well. Disney’s multi-platform strategy, including Disney+, Hulu, and ESPN+, drives adoption among 58% of households.

“There is a clear shift in how consumers engage with streaming content,” said Michael Goodman, Director, Entertainment Research, Parks Associates. “Unless you are Netflix, it’s no longer about a single flagship service. Success increasingly depends on building a broad ecosystem of complementary offerings that keep viewers within a single brand family.”

Parks Associates provides monthly updates on the streaming ecosystem through multiple research services, including the Streaming Video Tracker. This research service delivers monthly reports on market and consumer trends, quarterly estimates on subscriber growth, and ongoing analysis on distribution strategies (e.g., film, broadcast, pay TV, SVOD, FAST, AVOD) and business models (e.g., licensing, subscription, advertising, transaction).

Parks Associates data also shows strong performance from hybrid and legacy media conglomerates. Fox, Comcast (Peacock), and Roku continue to build meaningful engagement through niche and free streaming platforms.

The findings highlight several ongoing major trends shaping the streaming industry:

• Ecosystem Advantage: Companies offering multiple services under one brand are better positioned to retain and grow audiences.
• Aggregation Strategy: Bundling across SVOD, AVOD, and live content is becoming a key competitive differentiator.
• Discovery Innovation: Improved navigation, recommendations, and AI-driven personalization will be critical to reducing churn.
• Parks Associates expects further consolidation and deeper integration across streaming portfolios as competition intensifies.

The Streaming Video Tracker is a comprehensive tool that tracks the streaming video services industry. This research provides extensive profiling for streaming video services in the US and Canada. It also estimates subscribers, viewers, and transactional users, including those that do not publicly release customer figures.

More information is available at https://www.parksassociates.com.

Sinclair remains bullish about the prospects for consolidation and M&A in the broadcast TV station market, CEO Chris Ripley told analysts on the station group’s first-quarter earnings call.

Ripley said the Federal Communications Commission and Justice Department’s recent approval of the $6.2 billion Nexstar Media Group-Tegna merger “will be tremendously helpful to the industry going forward and pursuing a much-needed consolidation.”

Ripley also pushed back against attempts by attorneys general in 13 states to block the Nexstar-Tegna deal on antitrust grounds, calling the lawsuit “very flimsy.”

“We have seen an approval of that transaction [Nexstar-Tegna] from both the FCC and the DOJ with no conditions and no divestitures required from the DOJ,” Ripley said. “So that is a huge change in the way the DOJ has historically looked at our market, which was defined as just competition amongst local broadcasters. And they have finally come up to date with the realities of the current marketplace, which is that we compete across many different mediums, including cable and connected TVs. So that's a huge win and it's been a long time in coming, and it will be tremendously helpful to the industry going forward and pursuing a much-needed consolidation.”

Ripley also said he expects that the FCC will also eliminate ownership caps on station groups. “I do think that will happen,” he said. “Of course, that’s up to the FCC. And certainly, as an industry, we have been lobbying for that. So it is something that I do expect will happen in the future. so that you don't have to rely on waivers.”

The rule changes, he said, mean that “we're going to head towards a marketplace where you've got two large groups that the industry consolidates up to, which still will be relatively small in the TMT [technology media and telecommunications] landscape, but will be much better competitors within that broader landscape as they improve on efficiencies and gain more access to better talent and open up business opportunities. So that's very exciting.”

He also pushed back against attempts by some AGs to block the deal. “We do think that the case brought against that deal is very flimsy in terms of the merits,” he said.

Ripley noted that seeing some of the objections raised by the AGs would help them in the future: “And we believe that now that we've seen the playbook, any future transactions, we can significantly mitigate a similar playbook in future transactions. And I think just there's a lot of unique features in the Nexstar-Tegna deal, like it was essentially a No. 1 and No. 2 coming together, which certainly wouldn't be what you would expect mathematically can happen in the next combination. And there was a bunch of optics around the deal, which didn't look great, which we're very unique to this situation.”

“We, of course…would rather Nexstar just proceed forward on a clean basis, but we have a lot of faith that they'll play through this,” he continued. “And we do think future large transactions will learn a lot from this process and be able to significantly mitigate the risk.”

In terms of Sinclair’s ongoing pursuit of a merger with Scripps, Ripley said: “As it relates to Scripps, the industrial logic is still there. Our position on the deal is still the same. As I mentioned in my remarks, we would be happy to pick up discussions again around such a transaction, but we are not standing still. We are looking at multiple other opportunities to achieve similar levels of benefits and synergies. So [we] will keep moving. And if something were to materialize with Scripps, great. But if not, we're moving forward.”

Five more attorneys general, including two Republicans, have joined the antitrust lawsuit seeking to block the $6.2 billion dollar merger of Nexstar Media Group and Tegna, expanding the plaintiffs to a total of 13 states.

The AGs also filed an amended complaint in the U.S. District Court for the Eastern District of California.

The deal was approved by the Federal Communications Commission and Justice Department, but it is on hold after a federal judge granted a preliminary injunction halting the transaction while litigation proceeds.

“Antitrust enforcement is not political—it’s about protecting working families and helping ensure the benefits of a vibrant economy are for everyone, not just well-connected corporations,” California Attorney General Rob Bonta said in announciing the additional plaintiffs. “Today, five additional states join us in our challenge of the Nexstar/Tegna merger, now making this lawsuit a bipartisan effort.

“This is not controversial stuff—this merger is illegal and will give Nexstar and Tegna the ability to control and raise prices, fire journalists and dominate the media landscape,” Bonta continued. “State attorneys general nationwide understand just how important robust antitrust enforcement is to American life, and what a rotten deal this is for consumers, for workers, for affordability and for our local news. We welcome our sister states into the fray and look forward to fighting alongside them.”

Following the filing of the original complaint by eight AGs, all Democrats, on March 18, a judge in the Eastern District of California granted a preliminary injunction halting the merger.

That injunction followed a temporary restraining order granted in a challenge brought by DirecTV. The court has consolidated the states’ case with DirecTV’s related case. Defendants appealed the preliminary injunction to the 9th U.S. Circuit Court of Appeals, and Nexstar’s opening brief is due May 20.

In filing the amended complaint, the state coalition now includes the attorneys general of Colorado, Connecticut, Illinois, Indiana, Kansas, Massachusetts, New York, North Carolina, Oregon, Pennsylvania, Vermont and Virginia.

In response, Nexstar issued a statement: “By aligning with private equity-backed DirecTV, these misguided attorneys general are strangling local journalism—the most trusted source of independent, fact-based news available to Americans. The AGs, none of whom has a track record of advocating for local media, would do well to understand the industry they purport to protect. They should also recognize the binding commitments Nexstar has made to increase the amount of local news coverage in many markets, including today's settlement with the Ohio Attorney General. And they should be far more wary of the real drivers of the decline of local news: the unchecked rise of Big Tech platforms, the spread of misinformation on social media, and the economic pressures that have already led to widespread newsroom closures. Tellingly, none of them appeared on local broadcast news to discuss this issue, but their social media posts were immediate.

“In today’s media landscape, multibillion-dollar technology companies compete directly with local broadcasters while facing none of the same ownership, reach, or size constraints, putting untenable pressure on the economic model that supports local news,” the statement continued. “The alternative to this deal is not more independently owned outlets—it’s the demise of your local broadcast station.”

WASHINGTON—The Federal Communications Commission has approved previously announced station swaps between Scripps and Gray Media that were announced in July of 2025, creating new duopolies for both station groups.

The station groups said that the swaps were of equal value and no cash was exchanged.

In allowing the deal, the FCC rejected arguments by the American Television Alliance and NCTA – The Internet & Television Association (NCTA) in filings with the regulator that contended that the new duopolies would give the station groups too much power in retransmission consent negotiations.

More specifically, the deal transferred the following licenses from Gray to Scripps: KKTV in Colorado Springs; KMVT and KSVT-D in Twin Falls, Idaho, KSVT-LD; and KKCO and KJCT-LP in Grand Junction, Colo. as well as some translator licenses.

In addition, the FCC approved the transfer of the following licenses from Scripps to Gray: KATC in Lafayette, La. and WSYM-TV in Lansing, Mich.

The letter granting the license transfers and the FCC’s reasoning behind its decision is available here.

WASHINGTON—The U.S. Court of Appeals for the District of Columbia Circuit has denied an emergency motion to stay the $6.2 billion Nexstar/Tegna merger that was filed in the court by several broadband associations, DirecTV and Newsmax after the Federal Communications Commission approved the deal.

In a April 28 order, the court noted that a preliminary injunction preventing Nexstar and Tegna from going ahead with the deal and integrating their operations had already been entered by the United States District Court for the Eastern District of California.

“Appellants’ mandamus petitions request a stay of the Media Bureau Order under the All Writs Act, 28 U.S.C. § 1651,” the order said. “For this court to grant such a stay, appellants must show, inter alia, `irreparable harm in the absence of a stay.’”

However, “appellants’ showing of irreparable harm appears to be diminished by the preliminary injunction,” in California, the court noted.

In addition, “appellants have not satisfied the stringent requirements for a stay pending appeal. Specifically, appellants have not shown this court is likely to have jurisdiction under 47 U.S.C. § 402(b) to review the March 19, 2026 order of the Federal Communications Commission’s Media Bureau. An application for review of the Media Bureau Order is currently pending before the Federal Communications Commission. And an appeal of the Media Bureau Order filed in this court before the Commission has resolved the application for review `is subject to dismissal as incurably premature.’"

WASHINGTON—Paramount has filed a petition with the Federal Communications Commission asking the regulator to allow foreign investors to hold more than 25% of the company’s equity and/or voting interests following the completion of the merger and to allow certain foreign entities to hold more than 5% of equity and/or voting interests in Class B stock.

In the filing, Paramount Global said that following the completion of the merger with Warner Bros. Discovery, which has been approved by the FCC and shareholders, the combined company would be 49.5% owned by foreign companies and that Middle Eastern investors would hold 38.5% of the company’s equity.

Those Middle Eastern investors include Saudi Arabia’s Public Investment Fund (15.1% equity stake), the United Arab Emirates’ sovereign wealth fund (12.8% equity) and the Qatar Investment Authority (10.6% equity).

The filing stressed, however, that the Ellison family will continue to be the largest shareholder and will own 100% of the voting shares.

In the U.S. direct foreign ownership of broadcasters is generally capped at 25%, but the the FCC can approve indirect ownership of up to 100% if the agency finds that is in the public interest.

In the Petition for a Declaratory Ruling, Paramount noted that it “anticipates an increase in foreign investment in its parent entity, Paramount Skydance Corporation (Paramount Skydance), through the issuance of new non-voting, Class B shares. Accordingly, Paramount requests that the Commission issue a declaratory ruling to (1) permit existing and prospective foreign investors to indirectly hold in excess of 25 percent of Paramount’s equity and/or voting interests, in the aggregate, and (2) grant specific and advance approval for certain non-U.S. entities to indirectly hold equity and/or deemed voting interests of greater than 5 percent in Paramount, in the form of newly issued non-voting, Class B shares.”

“Although Paramount expects that existing and prospective foreign investors will indirectly hold slightly less than 50 percent of Paramount’s equity interests after consummating,” the deal, the petition “seeks approval for foreign investors in the aggregate to indirectly hold up to 100 percent of its equity and/or voting interests in light of routine fluctuations in publicly held equity interests and to account for potential future investments…Notably, the Proposed Investment will not result in a transfer of control of Paramount. Rather, the Ellison family will retain a majority of the voting interests and control of Paramount.”

The full Petition for a Declaratory Ruling is available here.

NEW YORK—Warner Bros. Discovery has announced that its stockholders voted to approve a $81 billion takeover by Paramount Skydance Corporation at the Company’s Special Meeting of Stockholders held earlier today on April 23.

Published reports indicate, however, that a majority of shareholders voted against a controversial pay package for president and CEO David Zaslav, who would have been paid more than $550 million, and other executives.

“We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” said Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”

The company said that the transaction is expected to close in Q3 2026, subject to customary closing conditions, including regulatory clearances.

The Trump administration has vocally supported the deal, but even if it is approved by the Department of Justice and other regulators, it could face litigation from opponents.

On April 22, Free Press and the American Economic Liberties Project hosted a press call with former FTC Commissioner Alvaro Bedoya and other opponents to detail the many reasons this deal should not go through and to call on state attorneys general to investigate and oppose the merger.

During the call, Bedoya warned that the company could face “billions” in legal fees and other costs if shareholders approved the transaction and stressed that “this is not a done deal” because it would be undone by legislation or lawsuits.

Free Press and allied organizations also delivered 171,000 signed petitions to Rob Bonta’s office, urging the California attorney general to investigate.

The California attorney general recently joined with seven other states to file an anti-trust lawsuit against the Nextstar/Tegna deal that has temporarily stopped the deal from going forward.

IRVINE, Calif.—Viant Technology has entered into a definitive agreement to acquire TVision Insights, an attention measurement provider that delivers second-by-second, eyes-on-screen attention, co-viewership and in-room presence data for TV viewing.

The $40 million acquisition is Viant’s largest deal to date. Previously it has acquired MySpace, IRIS.TV, and Lockr.

With this acquisition, Viant strengthens its AI-powered programmatic platform by integrating TVision's proprietary attention signals directly into its buying platform. Combined with Viant's Household ID and IRIS_ID, this delivers immediate improvements in inventory valuation, bidding precision, and return on ad spend, exclusively within the Viant platform.

"Every advertising platform measures its own performance today, which makes it difficult for advertisers to understand what's actually working. With TVision, we are providing advertisers a true market-wide view of how their advertising performs, free from any platform's self-attribution bias. While our competitors measure themselves, Viant measures the market,” said Tim Vanderhook, CEO and co-founder of Viant. “Advertisers can now use attention, co-viewing and in-room signals within Viant’s AI-powered buying platform giving them unparalleled strategic advantages, including a first-of-its-kind metric: the attention-adjusted CPM."

TVision's nationally representative panel uses advanced computer vision and Automatic Content Recognition technology to capture genuine viewer engagement across this entire ecosystem — giving advertisers a single, independent view of attention and enabling them to optimize spend toward impressions that are actually seen, the companies said.

"TVision was built to provide a more accurate and transparent view of how people engage with television and streaming content," said Yan Liu, CEO and co-founder of TVision. "By joining Viant, we can bring our measurement capabilities together with real-time activation and AI-powered optimization, helping advertisers turn attention insights into superior campaign performance."

Pursuant to the definitive purchase agreement, Viant will purchase TVision for a total consideration of $40.0 million, subject to customary adjustments and hold-backs, Viant said.

The deal consists of $22.5 million in cash and $17.5 million of shares of Viant’s Class A common stock delivered at closing. The transaction is expected to close in April 2026, subject to customary closing conditions.

Rockefeller Capital Management served as exclusive financial advisor to TVision in connection with the transaction.

WUPPERTAL & MUNICH, Germany—Thomas Riedel, founder and owner of Riedel Communications and the Riedel Group, has announced the acquisition of ARRI, a legendary Munich-based manufacturer of camera and lighting technology for motion pictures and live entertainment.

Financial terms of the deal weren’t disclosed.

Rumors that the company might be up for sale have been circulating since last summer when Bloomberg reported a possible sale.

“My entrepreneurial path has been closely tied to ARRI for years,” said Thomas Riedel in a statement. “This acquisition represents the most significant personal milestone of my career so far. I have great respect for this exceptional brand, its outstanding products, and its strong team. At the same time, I see tremendous potential and am confident that, together, we can position ARRI for long-term stability and future success.”

Founded in 1917, ARRI has been family-owned ever since and has played a legendary role in the cinema production and professional film technology, having been recognized with 20 scientific and technical awards from the Academy of Motion Picture Arts and Sciences. “For more than a century, ARRI has stood for engineering excellence, innovation, and the highest quality. This success story will now continue and remain in German ownership,” said Dr. Walter Stahl, Managing Director of ARRI GmbH and member of the founding family.

Thomas Riedel’s bid for the company was chosen in a competitive international process, ARRI reported. It is the largest acquisition of Riedel's career to date.

The Riedel Group is a globally recognized specialist in advanced audio, video, and data technology, delivering infrastructure solutions for many of the world’s most demanding broadcast, live event, and sports productions.

Through the acquisition of ARRI, Thomas Riedel said he plans to establish a close strategic alignment between ARRI and the Riedel Group, expanding its expertise across the entire production chain — from camera optics to distribution. ARRI’s ecosystem of camera, lighting, and systems technology perfectly complements the Riedel Group’s existing portfolio and opens up new technological and strategic market opportunities for both companies.

In announcing the deal, the two companies said that they aim to unlock new areas of growth, especially in live entertainment and sports. By combining their respective technologies, the companies plan to develop integrated solutions that open new creative and technical possibilities for customers. As the first joint milestone of this collaboration, ARRI will debut its camera technology at the Eurovision Song Contest, where Riedel serves as the technology provider and NEP oversees production.

Under the new ownership of Thomas Riedel, ARRI’s existing management team will continue to lead the company. The company will retain independent operations and remain headquartered in Munich.

“Thomas Riedel has built a first-generation family business and stands for entrepreneurial continuity and long-term thinking,” said Chris Richter, managing director of ARRI. “We look forward to working with a successful entrepreneur and to the resulting market opportunities and access — both in existing and new markets.”

“The Riedel Group brings highly complementary technologies and extensive expertise in live production to this partnership,” added David Bermbach, managing director of ARRI. “This strengthens our strategic direction as a ‘Trusted Technology Leader for the Next Generation of Media & Entertainment.’”

Named after its founders August Arnold and Robert Richter, ARRI was established in Munich, Germany, where the headquarters is still located today. Other subsidiaries are in Europe, North and South America, Asia, and Australia.

The ARRI Group consists of the business units Camera Systems, Lighting, and Rental. More information is available at www.arri.com.

SACRAMENTO–A federal judge has issued an order extending for one week a temporary restraining order (TRO) preventing Nexstar and Tegna from integrating their operations as he continues to consider whether or not to grant a preliminary injunction in an antitrust case seeking to block the $6.2 billion merger.

As previously reported, a temporary restraining order (TRO) halting the merger between Nexstar and Tegna was issued in late March by U.S. District Judge Troy L. Nunley in California in the U.S. District Court Eastern District Of California.

The ruling blocks the two companies from proceeding with integration of their operations until the court rules on whether or not to issue a preliminary injunction in an antitrust case filed by DirecTV and Attorneys General in eight states.

The lawsuit seeks to block the deal that was approved by the Federal Communications Commission and the Department of Justice. The court heard arguments on the issue from both sides during a hearing on April 7 that was attended by Nexstar chairman and CEO Perry Sook.

While the April 10 order continues to limit Nexstar’s ability to integrate its operations with Tegna, the judge softened a number of important provisions in the original TRO.

In its response to the TRO, Nexstar opposed the TRO suggested a number of changes needed to be made if the judge planned to keep it in place.

The new order allows Nexstar to undertake ordinary course cash management, ordinary-course intercompany transfers, and ordinary-course debt service and repayment activities necessary to comply with Nexstar’s financing obligations.

It also allows Nexstar to take reasonable actions necessary to maintain Tegna’s day-to-day operations and allows Nexstar to perform all obligations required under its debt instruments, SEC reporting requirements, or refinancing transactions.

In addition it allows Nexstar to require that management of Tegna adhere to the interim operating covenants set forth in the Merger Agreement and allows Nexstar to require that management of Tegna adhere to the interim operating covenants set forth in the Merger Agreement.

TOKYO—FOR-A inked a deal April 8 to acquire all shares of Tamu Radiance, a new company that is a spin-off of Tamura Corp.’s Information Equipment Business, and the Aizu Tamura Corp. manufacturing arm. The effective date of acquisition is Oct. 1.

FOR-A plans to integrate its video technology with the acoustic and wireless intercom technology of Tamura Corp., which historically has sold into the broadcast and public venue infrastructure markets.

Consolidating development, manufacturing and sales resources in a single entity will enable technology integration that moves beyond simply manufacturing solutions leveraging existing assets to merge the strengths of FOR-A’s video and Tamura’s audio and wireless technology, FOR-A said.

The new company will remain in Tokyo, and the head office of the Aizu Tamura manufacturing arm will remain in Fukushima Prefecture.

See For-A at 2026 NAB Show booths W220-221.

More information is available on the For-A website.

SACRAMENTO—Following a hearing in Federal Court on April 7 on whether Nexstar can continue go forward with its $6.2 billion deal to acquire Tegna, LightShed Partners financial analyst Richard Greenfield has issued a note to investors arguing that he expects California District Court Judge Troy Nunley to grant a preliminary injunction halting the deal and that the ruling could have a major impact on dealmaking in the broadcast station sector.

As previously reported, a temporary restraining order (TRO) halting the merger between Nexstar and Tegna was issued by U.S. District Judge Troy L. Nunley in California in the U.S. District Court Eastern District Of California. The ruling blocks the two companies from proceeding with integration of their operations until the court rules on whether or not to issue a preliminary injunction in an antitrust case filed by DirecTV that seeks to block the deal. The Federal Communications Commission and the Department of Justice had earlier approved the deal.

The court heard arguments from both sides during a hearing on April 7 that was attended by Nexstar chairman and CEO Perry Sook.

At the end of the hearing Judge Nunley indicated that he would release a full ruling by Friday, April 10. Following the hearing, several published accounts (available here, here and here) indicated Judge Nunley seemed likely to issue the preliminary injunction based on his reaction to the arguments.

“Given the harshness of Nunley’s March 28th Temporary Restraining Order (link), we believe the most likely outcome is a preliminary injunction barring further integration,” Greenfield wrote in a note to investors. “What will be most interesting is whether Nunley acknowledges the challenges highlighted by Nexstar in their response to the TRO or maintains the same strict `keep separate’ order for a transaction that has already closed.”

“If the Nexstar case goes to trial, the best case is likely a mid-to-late Q4 hearing, with a decision in early 2027 and an appeal process that could eat up most of 2027,” he added.

“Remember, with the broadcast ownership cap effectively waived by the FCC to clear a path for consolidation, the Nexstar/Tegna merger was expected to drive a wave of consolidation over the next couple of years, including Nexstar and its peers,” he concluded. “We suspect this litigation could chill near term M&A across the broadcast sector, reducing the odds of a near-term settlement.”

The deal also faces ongoing litigation from Newsmax Media and several pay TV groups who have filed a motion in United States Court Of Appeals for the District Of Columbia Circuit seeking to halt the deal.

Other parties have filed papers with the Federal Communications Commission asking it to reconsider its approval of the $6.2 billion deal.

NEW YORK—Versant Media Group, Inc. has acquired StockStory, an AI-powered platform delivering financial analysis, market insights, and stock recommendations, in a deal that will expand the company’s offerings in business news and personal finance.

Financial terms of the deal were not disclosed.

StockStory’s AI-driven technology will strengthen CNBC’s ability to provide data-driven insights with faster, more actionable analysis to help investors make informed investment decisions in real time.

“At Versant, we’re focused on extending our core brands into new platforms and services to drive growth across our portfolio,” said Deep Bagchee, chief product and technology officer for news at Versant. “This acquisition builds on that approach, adding capabilities that will enhance how we deliver insights and deepen engagement among retail investors across CNBC’s digital offerings.”

"We’re proud of what our team has built at StockStory - a platform combining AI and data-driven insights to help investors make better decisions," said Adam Hejl, founder and CEO of StockStory. “We’re excited to join CNBC, a defining and deeply respected global brand, and contribute to its next chapter of digital growth."

StockStory’s technology focuses on scalable analysis of public companies, combining data, machine learning, AI, and editorial frameworks to generate investment insights. These capabilities will further enhance the depth and quality of CNBC’s coverage.

As part of the transaction, Adam Hejl will join Versant and report to Deep Bagchee.

StockStory’s team will support ongoing product and technology initiatives, with an initial focus on enhancing CNBC’s digital investing capabilities.

CINCINNATI—The E.W. Scripps Company has completed the previously announced sale of WRTV, its ABC-affiliated station in Indianapolis, to Circle City Broadcasting for $83 million.

The WRTV sale follows Scripps’ recent completion of the sale of WFTX, its Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40 million.

Combined, the two transactions generated $123 million in cash proceeds, which the company says will be used toward debt paydown and the purchase of 23 ION-affiliated stations that it divested to INYO Broadcast Holdings in connection with its acquisition of ION in January 2021.

The current aggregate purchase price of the INYO stations is approximately $54 million pending timing of a deal close. Station ownership caps required Scripps to divest the stations when it acquired ION in 2021.

Scripps said that it will seek waivers from the FCC to the extent such rules are still in effect for the acquisition. Scripps also reported that ownership of the INYO stations would be immediately accretive to Scripps Networks division segment profit and margin, and would support coordination with Scripps’ other stations to develop potential new local programming opportunities.

Scripps also has an agreement to swap stations in five markets with Gray Television, a transaction that will strengthen Scripps’ competitive position in key Mountain West markets. That transaction, which requires relief from current television station ownership rules, is still in front of federal regulators for review.

WASHINGTON—Senate Committee on Commerce, Science, and Transportation Chairman Ted Cruz (R-Texas) and Ranking Member Maria Cantwell (D-Wash.) have sent a letter to Federal Communications Commission Chair Brendan Carr raising what they call “serious concerns” about the way the agency approved $6.2 billion merger between Nexstar and Tegna.

Those concerns revolve around the fact that the deal was approved by the Media Bureau rather than a full Commission vote, a move that Carr has defended and Commissioner Anna Gomez has criticized.

The decision, they wrote, “raises serious concerns about the Commission’s use of delegated authority in matters involving significant legal, policy, and economic consequences. The transaction is unprecedented in scale, resulting in the largest local broadcast television group in U.S. history, with 259 full-power television stations across 44 states, reaching nearly 80 percent of U.S. television households, even after required divestitures. A transaction of this magnitude alone warranted consideration and a vote by the full Commission. Although you have indicated that a full Commission vote may still occur, the Commission has already approved the transaction on delegated authority, effectively determining the outcome. Under these circumstances, any subsequent vote risks being largely procedural rather than a genuine exercise of Commission responsibility.”

The letter lays out a number of areas where the transaction raised significant legal and economic issues, including the waiver of the existing station ownership caps, that the Senators indicated deserved review and a vote by the full Commission rather than approval by the Media Bureau.

“Congress has entrusted the Federal Communications Commission with substantial authority under the Communications Act, including the mandate to act in the “public interest,” the Senators wrote. “Within this authority, the FCC may delegate certain responsibilities to its bureaus, but such delegations are constrained by statute and regulation. Among other limits, a bureau may not act on matters that present new or novel legal, factual, or policy questions unresolved by existing precedent. This merger required the resolution of significant and unresolved legal questions. Most notably, the order granted an expansive waiver of the 39 percent national audience reach cap—a statutory limit set by Congress—despite ongoing debate about the Commission’s authority to modify or circumvent that cap. In addition, the order approved extensive waivers of local ownership rules, including authorization of three major full-power stations in a single market in numerous cases. These are not routine applications of settled policy; they are substantial departures from existing rules.”

“The size of the transaction and the scope of the waivers presented are precisely the type of novel and consequential issues that Commission precedent, as well as basic principles of administrative accountability to the American people, require to be decided by the full Commission,” the Senators complained. “Equally troubling is the procedural consequence of this choice. Because bureau-level decisions are not final orders, parties must first seek Commission review before accessing the courts. In a transaction of this scale, where integration proceeds quickly and unwinding becomes impractical, delay in judicial review can insulate the decision from meaningful challenge. That outcome is difficult to reconcile with the Commission’s obligation to ensure transparency and accountability in major actions.”

The letter also noted opposition by both FCC Chair Carr and Senator Cruz to the FCC making major decisions at the Bureau level rather than a full commission vote.

“You [Carr] have previously said that significant transactions should not be resolved at the staff level,” the letter noted. “In June 2023, you committed to `not block a large transaction without a Commission vote,’ emphasizing that such decisions `must reflect the will of the Commission.’ You have also criticized prior instances in which the Media Bureau acted on `new and novel decisions without authorization from the full Commission,' noting that the Bureau `does not have the authority to do’ so. The Nexstar–Tegna order presents the same kinds of questions. Yet here, the Commission proceeded in the opposite direction. This inconsistency raises an important question about the limiting principle of delegated authority. If a transaction of this scale, involving statutory caps and waivers across dozens of markets, can be resolved at the bureau level, it is unclear what types of decisions still require Commission-level review.”

In response to the approval the Senators also asked Carr to submit written answers to a number of questions about the approval process and the FCC’s use of “delegated authority” in the future.

SACRAMENTO—In response to a temporary restraining order (TRO) pausing the $6.2 billion Nexstar/Tegna merger, Nexstar’s lawyers have strongly pushed back against the court order, saying that aspects of the merger are “impossible to reverse” and that “the TRO creates immediate operational harm to Tegna and Nexstar, regulatory conflicts, and a governance vacuum.”

The TRO was issued by U.S. District Judge Troy L. Nunley in California in the U.S. District Court Eastern District Of California in an antitrust suit brought by DirecTV. The ruling temporarily blocks the two companies from proceeding with integration of their operations. The court has asked for further pleadings on the issue and plans to hold an in-person hearing on April 7.

Nexstar’s March 31 response stressed that “Defendants Nexstar Media Group, Inc. and TEGNA Inc. hereby notify the Court that Defendants cannot implement certain provisions of the TRO as written because of actions already completed at closing and legal obligations that cannot be reversed. The TRO creates immediate operational harm to Tegna and Nexstar, regulatory conflicts, and a governance vacuum…Upon closing, Nexstar and Tegna took many typical steps that may not have been apparent to the Court when it issued its TRO. It is particularly difficult to freeze integration that was already taking place, unlike a conventional hold-separate order. Complying with certain aspects of the TRO is impossible and could jeopardize Nexstar and the Tegna assets the Court seeks to preserve.”

After laying out a long more specific list of operational problems and harms what would be created by the TRO, Nexstar also proposed some changes to the TRO to mitigate some of the problems created by the order. Those include changed in the following areas:

1. Debt and Cash Management
2. Corporate Governance and Operational Control
3. Distribution Agreements and Retransmission
4. Corporate Governance Structure and Officer Authority:
5. Financing and Reporting Obligations
6. Management Authority and “Ordinary Course” Operations
7. Corporate Governance and Officer Authority
8. Employee Compensation and Workforce Decisions
9. Interim Operating Covenants

“Nexstar’s above proposals may allow Defendants to mitigate some of the irreparable harm occurring to the combined company, comply with the TRO, and protect Tegna station assets over the next several days,” the filing argued. “The proposals, however, do not fully address the harm and are not sustainable beyond the preliminary injunction hearing set for April 7, 2026. Additional proposals and clarifications may be required in the coming days to forestall further material harm associated with the TRO.”

JACKSONVILLE, Fla.—The Federal Communication Commission’s Media Bureau has approved the transfer of the license of television station WJAX-TV from Hoffman Communications, Inc. to Cox Television Jacksonville, LLC, a wholly-owned subsidiary of CMG Media Corporation.

In making the decision, the regulator denied a petition from DirecTV seeking to block the deal.

CMG had operated the station under a broadcast service agreement. The license transfer means that CMG would own two television stations in the Jacksonville Nielsen Designated Market Area (DMA).

In denying the DirecTV petition to block the transfer, the FCC noted that rulings in the Zimmer Radio of Mid-Missouri, Inc. v. FCC et al. case voiding the old Top-Four prohibition means that ownership of two affiliate stations in the same market is now legal.

While the FCC ruled that DirecTV had standing to move that the transfer be blocked, the agency ruled that “the proposed transaction fully complies with the Commission’s rules, including the post-Zimmer Radio Local Television Ownership Rule, and that there are no issues or potential public interest harms identified in the record that would require further consideration…Accordingly, we conclude that grant of the Application will result in public interest benefits and serve the public interest, convenience, and necessity.”

A letter detailing the FCC decision can be found here.

SACRAMENTO—A temporary restraining order (TRO) halting the merger between Nexstar and Tegna has been issued by U.S. District Judge Troy L. Nunley in California in the U.S. District Court Eastern District Of California.

The ruling blocks the two companies from proceeding with integration of their operations until the court issues another ruling on a preliminary injunction in an antitrust case filed by DirecTV that seeks to block the deal.

The court has asked for further pleadings on the issue and plans to hold an in-person hearing on April 7.

The FCC approved the deal and Nexstar announced it had closed the $6.2 billion transaction but the merger continues to be challenged in the court.

The March 27 ruling was in response to an antitrust suit brought by DirecTV in the Eastern District of California, the same court where where eight states have filed a separate antitrust lawsuit seeking to block the deal. Opponents of the deal have also filed lawsuits in Federal Court in U.S. Court of Appeals for the District Of Columbia Circuit.

In the ruling, Nunley noted that the deal will allow Nexstar to increase retransmission fees, which will give it more leverage to “threaten and impose blackouts…That threat leaves distributors with two bad options: acquiesce to Nexstar’s higher fees or lose access to these stations, thereby blocking the MVPD’s subscribers from accessing the content carried on the blacked-out stations and driving some consumers to switch to other distributors’ services where they can find that same content.”

“In short, by making blackouts even more painful for distributors like DirecTV, the merger will make it even harder for them to resist Nexstar’s demands for higher prices,” the judge wrote.

Nunley also rejected Nexstar’s arguments that a TRO would harm them. “First, Defendants do not adequately explain why a hold-separate order would prevent Nexstar or Tegna from expanding and increasing its investment in local news or prevent it from investing in local programming and local coverage. Second, congressional intent will not be undermined simply because the FCC has cleared this transaction. As Plaintiff correctly notes, the FCC was `not given the power to decided antitrust issues’ and FCC action `was not intended to prevent enforcement of the antitrust laws in federal courts.’ A court order to enforce antitrust laws, therefore, would not undermine congressional intent in regulation of the broadcast industry.”

“Based on the foregoing, the Court finds Plaintiff [DirecTV] sufficiently establishes irreparable harm in the absence of a TRO,” the court noted.