Deal Dispatch: Need M&A Approval? FCC Chair Explains How To Get It

Author: Anthony Noto | September 19, 2025 11:58am

A late-night comedy show's cancellation has reignited deal drama, with reports of tit-for-tat maneuvering between major corporations and regulators holding the power to say yea or nay to M&A activity.

Before ABC pulled “Jimmy Kimmel Live,” Federal Communications Commission (FCC) Chair Brendan Carr appeared on a far-right podcast, warning Walt Disney Co (NYSE:DIS) to address Kimmel's joke about President Donald Trump's MAGA supporters trying to "characterize" Charlie Kirk‘s killer "as anything other than one of them and doing everything they can to score political points from it."

Carr stressed that broadcasters have a “public interest” obligation under their FCC license and hinted at potential regulatory consequences if Disney didn't act.

Within hours, Disney, Sinclair Inc (NASDAQ:SBGI) and Nexstar Media Group Inc (NASDAQ:NXST) went after Kimmel. Meanwhile, corporate finance reporters collectively recalled the billion-dollar initiatives these companies have hanging in the balance:

• Disney, which owns ABC and ESPN, wants regulators to approve its acquisition of The NFL Network. The Bob Iger-led conglomerate also owns Hulu, and needs regulators to approve its pending deal with Fubotv Inc (NYSE:FUBO).
• Sinclair is busy making a broader industry push for deregulation to accelerate M&A activity.
• Then there’s Nexstar, which is trying to complete a $6.2 billion deal to acquire peer Tegna Inc (NYSE:TGNA).

Carr promptly thanked Disney, Nexstar and Sinclair on X for “taking quick action that you consider responsive to the needs and values of the local communities you serve.”

In other words, align your content with what Trump’s government considers to be “in the public interest.”

The scenario echoes earlier events. This year, Paramount Global paid $16 million to settle a lawsuit with Trump over a 60 Minutes interview. Stephen Colbert, who hosts “The Late Show” on Paramount’s CBS, joked that it was a “bribe” intended to secure regulatory approval for a merger with Skydance Media. Soon after, Colbert was told that “Late Show” would be canceled by May 2026, and regulators swiftly OK’d Paramount Skydance Corp (NASDAQ:PSKY).

Carr's current stance on satire contrasts with his position during the previous administration.

Consider the 2022 White House Correspondents’ Dinner. Then-President Joe Biden made a statement praising political satire. Carr seemed to concur, posting on X: “President Biden is right. Political satire is one of the oldest and most important forms of free speech. It challenges those in power while using humor to draw more people in to the discussion. That’s why people in influential positions have always targeted it for censorship.”

President Biden is right.

Political satire is one of the oldest and most important forms of free speech.

It challenges those in power while using humor to draw more people in to the discussion.

That's why people in influential positions have always targeted it for censorship.

— Brendan Carr (@BrendanCarrFCC) May 2, 2022

Heck, during Trump’s first term, Carr expressed a different take.

“Should the government censor speech it doesn't like? Of course not,” he wrote on X (formerly Twitter). “The FCC does not have a roving mandate to police speech in the name of the ‘public interest.'”

Other Updates From The Block

• Apollo Global Management is negotiating to acquire a majority stake in Spanish football club Atlético de Madrid. Bloomberg reports that the deal would mark a significant investment for its new sports fund and help finance a major redevelopment around the club's Cívitas Metropolitano stadium.

• Roche Holdings AG (OTC:RHHBY) agreed to acquire 89bio, Inc. (NASDAQ:ETNB) for $2.4 billion. 89Bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of therapies for liver and cardiometabolic diseases.

New On The Block

• Perma-Pipe International Holdings (NASDAQ:PPIH) CEO Saleh Sagr recently announced how the piping company is exploring strategic alternatives to maximize shareholder value, including potential sales of divisions or the entire company.

• Anebulo Pharmaceuticals (NASDAQ:ANEB), a clinical-stage biotech focused on treatments for acute cannabinoid toxicities, has received interest from potential buyers. The company’s board will evaluate all strategic alternatives to maximize shareholder value, including the proposed going-private deal with a reverse stock split, a sale of assets, or a merger.

• EQT put its Nordic data center and broadband provider GlobalConnect up for sale. The going price is around €8 billion, according to the Financial Times.

• Saks Global Enterprises is exploring options for Bergdorf Goodman, including selling a minority stake. Earlier discussions for an outright sale were tested. Still, the current focus values the luxury department store at $1.5 billion to $2 billion, though the size of the stake for sale hasn't been disclosed, according to WWD.

Bankruptcy Block

• Ames Watson, a private holding company that owns Lids and Ebbets, closed a $104-million deal for the North American business of bankrupt jewelry retailer Claire’s, Reuters reports.

For the previous edition of Deal Dispatch, click here.

Now Read

• SEC Weighs Rule Change After Trump’s Push To Scrap Quarterly Earnings Reports

Image: Edited by Benzinga using Shutterstock

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