NXST/TGNA preliminary injunction hearing didn’t go great (for NXST)
As discussed earlier this week, 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. Yesterday, the Court held a hearing on whether to turn the TRO into a Preliminary Injunction (PI) as well as to whether, and if so, how, to modify the details of the “hold separate” terms of the TRO and if granted, the PI. In this note, we provide our quick analysis of the hearing and what we think will happen next.Nexstar Media Group is a television broadcasting and digital media company focused on the acquisition, development and operation of television stations and interactive community websites and digital media services. The stations provide over-the-air programming. This programming includes programs produced by networks with which the stations are affiliated; programs that the stations produce; and first-run and rerun syndicated programs that the stations acquire. The company's digital media businesses provide digital publishing and content management platform, digital video advertising platform, social media advertising platform and other digital media solutions to media publishers and advertisers.
TEGNA is a media company. The company's business provides television programming and digital content. Each television station also has a digital presence across online, mobile and social platforms. The company provides advertising and marketing services, which include local and national non-political television advertising, digital marketing services, and advertising on stations' websites and tablet and mobile products; subscription by satellite, cable, Over the Top and telecommunications providers; political advertising; and other services, such as production of programming and advertising material. The company's portfolio of Big 4 NBC, CBS, ABC and FOX stations operate under long-term affiliation agreements.
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