By Sean P. McConnell, Christopher H. Casey and Katherine Speegle
State attorneys general are increasingly challenging federal antitrust settlements and merger approvals—most recently in the $6.2 billion Nexstar/Tegna broadcast television transaction. In addition, congressional Democrats have proposed expanding the Tunney Act to enhance transparency, empower states to continue abandoned federal cases, and constrain merger closings during judicial review. For companies planning strategic transactions, these developments signal that federal clearance alone may no longer end deal risk.
