A hedge fund’s buyout of television station operator Tegna Inc. was terminated after the deal failed to get Federal Communications Commission approval by a May 22 deadline.

Virginia-based Tegna operates 64 U.S. television stations, including Jacksonville NBC affiliate WTLV TV-12 and ABC affiliate WJXX TV-25.

Standard General L.P. agreed in February 2022 to buy Tegna for $8.6 billion but the deal faced opposition over several issues, including its impact on the Jacksonville market.

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