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Apollo Global Management and Sonys bid to buy Paramount Global faces significant hurdles to get the deal past Democratic-led federal regulators amid antitrust concerns, The Post has learned.

Paramount which ended exclusive merger talks with Skydance Media last Friday owns the CBS network, its Hollywood studio and 28 local stations including 17 CBS affiliates in markets like New York, Chicago and Los Angeles.

Apollo, which teamed with Sony to make a $26 billion all-cash bid for the Shari Redstone-controlled media conglomerate, faces an uphill fight to circumvent the FCCs 39% cap on the reach by local affiliates should the merger be approved by Paramounts board, multiple sources told The Post.

Apollo owns TV channels that reach 11% of US households through its stake in cable company Cox Media Group, a media investment banker told The Post.

Meanwhile, Paramounts local stations account for a 39% reach, according to the banker  putting the total of the combined company well above the FCCs threshold. 

Competitors may point out that Apollo’s ownership will exceed the 39% national ownership cap, which in itself is a regulatory anachronism but is nevertheless a real thing at the FCC,” Adonis Hoffman, who served as the agencys senior legal advisor and chief of staff from 2013 to 2015, told The Post.

Apollo, however, is banking on an arcane FCC loophole called the UHF Discount which cuts in half the percentage of households counted by stations with channels in the UHF bandwidth   to get below the cap, a source familiar with its thinking said.

Under the discount passed in 1985 and revoked in 2016 before being reinstated the following year by then-Republican FCC Chair Ajit Pai Paramount only reaches 25% of households and Cox about 5%, according to the investment banker.

Pai pushed through the UHF Discount in 2017 days before right-leaning Sinclair Broadcast Group announced an agreement to buy Tribune Media, which without the discount would have put the combined company well over the cap.

But there is a significant chance the FCC scraps the UHF Discount because Joe Biden-nominated Chair Jessica Rosenworcel believes it is outdated, several sources said.

The FCC created the discount, so it can eliminate it, said Benton Senior Fellow Gigi Sohn, a progressive Democrat whose nomination to be an FCC Commissioner fell apart last year.

Sohn pointed out that there is precedent for reinstating the cap to help a merger, so it could also be eliminated to stop a deal.

[Eliminating] the UHF discount could be considered, particularly if there is a proposed acquisition that places the issue before the FCC by relying on the discount to comply with the ownership rules, said lawyer David Oxenford in a blog post that did not specifically mention the Apollo offer.

Should the FCC get rid of the UHF Discount, the agency could ask for Apollo or Paramount to divest some of the channels to get below the threshold instead of outright blocking the merger, sources said. 

Presently, there are overlaps in three of the markets in which Paramount and Cox serve, the banker said.

The Apollo and Sony bid could also face scrutiny from the Committee on Foreign Investment in the US (CFIUS), which might not be comfortable with a Japanese company owning CBS. 

There is further worry that the Federal Trade Commission could step in to prevent Sony, which has its own film division, from scooping up a second movie studio.

Hollywood mogul Jeffrey Katzenberg said Apollo faced a high bar to attain FCC approval for another reason. PE firms have held broadcast licenses both for TV and radio though never for one of the big three national networks.

 The FCC is going to allow a private equity firm to take that license? Just think about that, Katzenberg, a key Biden advisor, said during an  “Axios BFD Talks” event on Sunday night in Los Angeles: 

This is the license to operate the No. 1 broadcast network in America, which the FCC has an absolute right to approve. And they’re going to say that there’s a benefit for that being in the hands of private equity? I don’t know. That’s a high bar, particularly in the regulatory environment right now.”

Apollo, led by Marc Rowan, has already had a potential merger between Standard General and broadcast station owner Tegna essentially killed by Rosenworcel.

The firm helped finance the bid by Standard General, but the FCCdecided last year not to vote on the proposed merger, leaving it to wither away.

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Rosenworcel was uncomfortable with Apollo controlling Tegna and Cox, even though Apollo claimed it would be a passive Tegna investor, sources said at the time. Also, she was not keen on a private equity firm gaining such a big foothold in television broadcasting, the sources added.

Standard General sued the FCC in March, alleging the agency discriminated against its offer because it preferred to have African-American Byron Allen owning Tegna.

The FCC seems to have no tolerance for private equity-backed media ownership, as shown by its recent disapproval — and utter disrespect– of the Standard General bid to buy Tegna last year,” Hoffman said.

“As for timing, the FCC has shown that it really knows how to slow-roll a deal. The 180-day merger shot clock, which is a guide not a rule, has been ignored at the will of the Chair. None of these signs would bode well for an easy or early approval of an Apollo bid.” 

Hoffman noted that the FCC is currently trying to force Nexstar Media Group to fully divest from New York’s WPIX-Channel 11 which it was supposed to divest in a recent merger, but allegedly did not.

“It’s at least a window into the thinking of this current FCC,” Hoffman said.

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Skinner ‘great’ in return as Oilers force Game 7

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Skinner 'great' in return as Oilers force Game 7

After a week on the bench, Stuart Skinner returned to the net to help the Edmonton Oilers force a Game 7 in their second-round series against the Vancouver Canucks.

Last appearing in Game 3 after struggling to start the series, Skinner made 14 saves in the Oilers’ 5-1 win in Game 6 at Rogers Place in Edmonton, Alberta.

Game 7 will be played Monday at Rogers Arena in Vancouver as the winner will face the Dallas Stars in the Western Conference finals starting Thursday at the American Airlines Center in Dallas.

“I think by doing what we did tonight, I think we just showed a lot of desperation,” Skinner said on the ESPN broadcast. “Guys were blocking shots all over the place. I think both teams played great. You got to give a lot of credit to Vancouver, but you know Vancouver is going to come out really hard especially in their barn. I think we’re going to have to match that and bring some more.”

Averaging 3.80 goals per game during the playoffs while boasting a defensive structure that’s been among the strongest when it comes to limiting shots on goals and scoring chances is the formula the Oilers have used to come within a game of the Western Conference finals.

Figuring out how the Oilers could mesh their defensive structure with the most consistent version of Skinner, however, was one of those challenges they were trying to solve in a series in which the first five games were decided by a goal.

Especially when the Oilers limited the Canucks to 19.3 shots per game in the first three games only to find themselves down in the series with Skinner posting a 4.63 goals-against average and a .790 save percentage through Game 3.

Saturday saw the connection between the Oilers’ defensive structure and Skinner finally click.

The Oilers, who had limited teams to 24.91 scoring chances per 60, limited the Canucks to 18 scoring chances in 5-on-5 play. They also held the Canucks to just seven high-danger scoring chances and didn’t allow any in the second period.

Combining that defensive consistency with Skinner allowing only one goal on 15 shots added to an evening that saw the Oilers burst through for five goals. It was the third time this postseason and the first time in the second round that the Oilers have scored more than five goals.

Oilers captain Connor McDavid, who finished with three points, told the Sportsnet broadcast after the game that although Skinner didn’t face many shots he did “a great job” handling what McDavid considered to be dangerous chances.

“We never had a doubt,” McDavid said. “He’s a battler. He’s always been a battler. Our team always responds and he’s no different. He responded great and gave us a great performance.”

His role in the Oilers’ Game 6 win is the latest development in what has been another mercurial season for the second-year goaltender.

A year ago, Skinner was a rookie who emerged as the No. 1 goaltender for his hometown team. He helped the Oilers reach the second round only for them to be eliminated in six games by the eventual Stanley Cup champion Vegas Golden Knights.

Skinner was pulled over the final three games of the series, which led to an offseason filled with questions. Much like the Oilers themselves, Skinner had a difficult start to the season but found consistency once the club fired coach Jay Woodcroft and hired Kris Knoblauch.

In that time, Skinner solidified his place as the team’s No. 1 goaltender — which is what made his performances through the first three games so jarring. It led to him being pulled to start the third period in the Oilers’ Game 3 loss, with Knoblauch turning to Calvin Pickard in Games 4 and 5.

Pickard stopped 19 shots in the Oilers’ Game 4 victory while allowing three goals on 35 shots in their 3-2 loss in Game 5 to the Canucks.

Knoblauch said after Game 3 that Skinner would return to the lineup at some point, and that point was Saturday.

Now he and the Oilers are just a win away from the conference finals.

“I think obviously, to start off, I think Calvin was amazing when he got put in,” Skinner said. “Definitely got the job done and kept us in it. An unbelievable teammate. For me, I was able to get a little bit of rest and just work on my game and feel good about it again. I was able to come out and do what I had to do.”

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Barkov, ‘best player in the world,’ wins 2nd Selke

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Barkov, 'best player in the world,' wins 2nd Selke

NEW YORK — Florida Panthers captain Aleksander Barkov has won the Selke Trophy as the NHL’s best defensive forward, the league announced Saturday night.

Barkov, 28, is a two-time Selke winner after also finishing first in voting for the award in 2021. He was a big part of the Panthers allowing the fewest goals this season and won 57.3% of his faceoffs, ranking ninth among players with at least 50 games and 500 attempts.

The center from Finland received 156 of 194 first-place votes from members of the Professional Hockey Writers Association and was listed on all but two ballots.

Teammate and forward Matthew Tkachuk, speaking after Friday night’s series-clinching win over the Boston Bruins called Barkov “the best player in the world right now,” adding that “I don’t really even have the words for what he’s doing for our team right now.”

Barkov has led Florida to a second consecutive trip to the Eastern Conference final. After helping the Panthers to the Stanley Cup Final, where they lost to the Vegas Golden Knights last summer, he will lead his team into the Eastern Conference Finals on Wednesday, vs. the New York Rangers.

“We went through it last year, obviously, and that’s helped a lot,” Barkov told SportsNet Friday night after eliminating the Bruins. “But this year is a new year. We have new players, we’re just creating something new here, something really exciting. We’re really excited for this opportunity again, and we can’t wait to get going.”

Carolina Hurricanes veteran Jordan Staal finished second in voting, and Toronto Maple Leafs All-Star Auston Matthews finished third.

The Associated Press contributed to this report.

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Canada survives scare, now 5-0 at hockey worlds

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Canada survives scare, now 5-0 at hockey worlds

PRAGUE — Defending champion Canada had to recover from an early scare before rallying to beat Finland 5-3 for its fifth victory in five games at the ice hockey world championship Saturday.

Captain John Tavares set up the winning goal with his second assist with 8:28 remaining in the final period, finding Brandon Hagel at the left post to score into an open net. It was only the second shot on goal for Canada in the period.

Dawson Mercer finished it off with an empty net goal with 20 seconds left.

Canada joined Switzerland in second place in Group A, a point behind leader the Czech Republic. All three sealed playoff-round spots.

Also for Canada, Owen Power scored a goal and added two assists, Dylan Cozens had a goal and an assist, and Brandon Tanev scored. Jordan Binnington stopped 29 shots.

Jesse Puljujarvi led Finland with two goals, and Valtteri Puustinen got the other.

Canada was two goals down early in the first after Finland scored in a span of 2:16. Puljujarvi scored off a rebound 1:35 in, and Puustinen doubled the advantage on a power play.

Canada needed 97 seconds to tie it at 2.

Andrew Mangiapane seized the puck behind the goal before passing it to Cozens to net from the slot. Then Tavares seized the puck in his own half before skating down the left and feeding Tanev to knock in the equalizer from the crease.

The Czechs beat winless Britain 4-1, with Lukas Sedlak having two goals and an assist and captain Roman Cervenka recording four assists.

Sweden killed off a five-minute major before scoring three goals in a 26-second span in the middle period to pull away from Latvia in a 7-2 win that clinched a playoff-round berth.

The Swedes, who have not trailed in the tournament, preserved their perfect record through five games to lead Group B.

Latvia pulled even at 2-2 in the second in Ostrava but failed to capitalize after Rasmus Dahlin received a five-minute major and game misconduct for charging. The defenseman opened the scoring for Sweden in the first period.

Fabian Zetterlund then scored twice in a 17-second span. Nine seconds later, center Joel Eriksson Ek netted to make it 5-2. Marcus Johansson had a goal and two assists.

In Prague, Switzerland routed Denmark 8-0. Winger Kevin Fiala scored two goals and had an assist.

Center Nico Hischier opened the scoring and added two assists to leave the Danes in danger of not advancing.

In Group B, Germany beat winless Poland 4-2 for a fourth win while Slovakia also got a fourth victory by beating France 4-2 to move to third place, a point behind Germany in second.

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