The FCC has been threatening to rip up local TV station ownership rules and now it's gone and done it, according to a report by Deadline. This rule had limited the reach of local TV networks to no more than 39 percent of the country's total audience market. The company received a waiver from the FCC to merge with rival local broadcast company Tegna. Despite being an obvious gift to local media conglomerates, FCC chair Brendan Carr is pitching this as a win for the little guy. He warned that inaction would see local stations "going the way of newspapers."