Tegna, the large TV station group, confirmed that private-equity company Apollo Global Management is interested in making a deal for the company — one that would leave Tegna management in operational control.
After an original February letter of intent from Apollo, another letter was sent in June 2019 to “combine Tegna with broadcasting assets Apollo is in the process of buying.”
The resulting deal, the letter said, “would not have constituted a change of control of Tegna.”
Recent press reports citing Apollo's expressed interest in Tegna caused Tegna's stock price to rise 10% on Friday. Wednesday morning witnessed Tegna stock down 6% to $14.61.
Tegna's current market capitalization is at $3.2 billion. Its stock has risen 30% year-over-year.
Apollo struck a deal for a majority stake in Cox Media Group in February and another deal with Northwest Broadcasting for 20 TV stations.
Tegna has 51 TV stations and four radio stations in 43 markets. It reaches more than 35 % of all U.S. TV households.