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Market Chatter: Nexstar's Tegna Acquisition to Get Boost From FCC's Expected Repeal of Audience Cap

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The Federal Communications Commission is expected to repeal a nationwide TV audience cap in what would be a win for Nexstar Media Group's (NXST) acquisition of rival Tegna, Bloomberg reported Wednesday, citing people familiar with the matter.

A Nexstar-Tegna combination would reach roughly 80% of US households, significantly above the historic threshold of 39%, the report said.

FCC Chairman Brendan Carr is expected to announce the rule change Tuesday in an op-ed for Breitbart and then discuss the decision at a policy summit in Washington, the report said, citing the people.

The FCC approved the merger earlier this year, suspending the rule on a case-by-case basis as a result, the report said.

The FCC did not immediately reply to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $189.24, Change: $+13.68, Percent Change: +7.79%

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