Tegna Shares Tumble 5.4% as Trump Opposes FCC Raising TV Ownership Cap

Tegna shares fell 5.4% after President Trump expressed opposition to the FCC raising or eliminating the 39% ownership cap on local TV stations owned by the same entity. The proposal could allow the "Radical Left Networks" to expand, according to Trump. The ownership cap has been in place since 1975 to promote media diversity and prevent a single entity from dominating local TV markets.