A draft FCC order seen by Reuters on Monday said that Sinclair Broadcast Group Inc.’s application for approval to purchase Tribune Media may “involve deception.” The order said that “Sinclair’s actions here potentially involve deception” and noted possible “misconduct.”

FCC Chairman Ajit Pai said Monday he has “serious concerns” about Sinclair Broadcast Group’s acquisition of Tribune Media, announcing he will schedule a hearing on the transaction before an administrative law judge.

Shares of Nexstar Media Group soared Wednesday after Reuters reported that private equity firm Apollo Global Management had approached the second largest broadcast station owner in the U.S. about a possible buyout.

The sale of W11DJ-D Glasgow, KY to News Publishing LLC tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.

Sinclair Broadcast Group’s bid to become a broadcasting powerhouse by purchasing Tribune Media Co. hinges on spinning off TV stations to comply with U.S. limits on broadcast ownership. Yet its proposals to sell stations from Pennsylvania to California are drawing fresh scrutiny, as critics including business rivals say some of the transactions are designed to evade the ownership rules.

Radio and TV station merger and acquisition activity totaled $5.11 billion in the second quarter of 2018, the biggest quarter since second quarter 2007. Kagan says, however, that 98% of the volume was attributable to TV stations sales, led by Gray Television’s acquisition of Raycom Media for $3.65 billion.