New Street's Levin Says WBD Deal Jockeying Could Affect Nexstar/Tegna
The public narrative around the deal for Warner Bros. Discovery could affect the FCC’s consideration of Nexstar/Tegna, said New Street analyst Blair Levin in an email to subscribers Wednesday. The FCC “will likely make its decision on the broadcast deal…
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after months in which the media is discussing the reasons for, and potential dangers of, media consolidation in the context of the battle over [Warner Bros. Discovery]," Levin wrote. If the White House signals that it would approve of Skydance Paramount or Netflix buying WBD, it would make the administration acting to block the much smaller Nexstar/Tegna deal appear hypocritical, he said. That issue is amplified if the Trump administration favors Paramount because “it is hard to see why you think an owner of [a] broadcast network should be allowed to consolidate assets in the streaming, studio, and cable network markets but broadcasters cannot bulk up within the broadcast market,” Levin wrote. He said that recent comments by Trump against relaxing the national TV ownership cap and slamming Nexstar’s NewsNation programming don’t make it less likely that the FCC will act on the cap “though we acknowledge that the President might cause us to reconsider our views if [Nexstar], for example, runs a news segment he does not like.”