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The DOJ wants Sinclair Broadcasting Company to divest roughly a dozen local broadcast stations in competitive markets in order to get regulatory approval of its acquisition of Tribune Media Company, The Wall Street Journal reports.

Why it matters: The full Tribune acquisition would give Sinclair, a conservative-leaning broadcasting giant, unprecented access to the local TV market — roughly 70% reach. The DOJ's request reflects antitrust concerns in key areas, like St. Louis and Salt Lake CIty, where Sinclair would expand its footprint should the deal go through, per WSJ.

Progressives argue that the deal as stands would give Sinclair unprecedented access to local media markets.

  • The current deal, if approved, would give Sinclair over 200 stations that reach about 72% of U.S. TV households in 81 markets.
  • After the deal, Sinclair would own at least one station in each of the nation's top five media markets: NYC, Los Angeles, Chicago, Phily and Dallas, per Axios' Kim Hart.

The deal, priced at $3.9 billion, still needs final approval from the FCC. That seems likely, given that FCC Chairman Ajit Pai eased media ownership caps earlier this year.

Go deeper

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 3 hours ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.

Meadows cooperating with House Jan. 6 select committee

Mark Meadows. Photo: Yuri Gripas/Bloomberg via Getty Images

Former White House Chief of Staff Mark Meadows is cooperating with the House select committee in charge of investigating the Jan. 6 Capitol insurrection, the panel said Tuesday.

Driving the news: Meadows, who failed to appear before the panel earlier this month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

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