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NSR Policy NXST/TGNA Hearing Preview: NXST Doubles Down on “Can’t Touch This” Strategy, But…
As discussed last week (LINK), the District Court overseeing the antitrust claims against the NXST/TGNA deal issued a Temporary Restraining Order (TRO) that we viewed as a likely indicator that the Court will delay the integration of NXST and TGNA for a significant time, if not permanently. With a hearing set for Tuesday on whether to turn the TRO into a Preliminary Injunction (PI), NXST’s filing doubled down on the strategy that, in effect, argues that it is too difficult for courts to block a merger once closed. In this note we analyze that approach, the Plaintiff’s response (which was not full opposition), the paradoxical value trap for NXST, and what we will be watching for in the hearing.
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