Tribune Media (NYSE:TRCO) is up 5.7% and Sinclair Broadcast Group (NASDAQ:SBGI) is 3.2% higher as a federal court says it won't block the return of the FCC's "UHF Discount" rule, paving the way toward the merger of the two companies.
The D.C. Circuit Court of Appeals rejected a request for an emergency stay and dissolved a previous one, meaning that the discount -- which loosens station ownership rules and creates merger-friendly conditions -- can return under the new FCC. The decision was stayed by an appeals court two weeks ago, just ahead of an expected June 5 resumption of the rule.
Other key station owners are seeing gains: CBS (CBS +0.8%), Fox (FOX+0.2%, FOXA), Nexstar Media Group (NXST +1.8%).
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