The magazine publisher may change its name to rebrand the company for the digital age. If it does, it may want to avoid something resembling Tronc or Tegna.
As rules on station ownership have loosened, Tegna is the biggest potential target around.
Tegna and Gray shares were falling after the Republican-controlled FCC was dealt a setback by a federal appeals court.
Sinclair Broadcasting, known for its conservative politics, plans to acquire the WGN owner in a cash-and-stock transaction worth $43.50 per share, or $6.6 billion including debt.