Two groups -- Apollo Global Management/Standard General and a group led by Byron Allen -- are reportedly bidding on Virginia-based TV station company Tegna Inc.
A release sent out by the company early Tuesday morning would only say: “Tegna today confirmed
the company has recently received acquisition proposals. Consistent with its fiduciary duty to Tegna shareholders, the Board will carefully review and evaluate these proposals.”
Reports say Allen, who is chairman-CEO of Allen Media Group, is teaming with Ares Management in a bid for Tegna, the TV/radio group of the Gannett Company that was spun off as an independent publicly traded company in 2015.
Bloomberg reported that the Allen-Ares bid was $23 per share -- higher than Apollo’s $22 per share all-cash bid. Tegna stock closed up 11% to $21.62 on Tuesday
In February 2019, Apollo Global Management, an investment company, bought a majority interest in Cox Media Group, owner of 14 TV stations for $3 billion.
Standard General is a New York-based investment firm/hedge fund.
Tegna operates 64 television stations in 51 U.S. markets, reaching 39% of all TV households nationwide. Tegna also owns the OTT/CTV advertising inventory selling unit Premion, as well as radio stations and three locally-based digital TV networks.
Tegna said the company was approached in a possible buyout deal a year ago. But due to concerns around COVID-19, the offers faded.
The Allen Media Group is the parent of Entertainment Studios. The company distributes syndicated TV shows, owns TV stations and a TV production company, as well as Local Now, an OTT internet TV service, and The Weather Channel.
I hope Byron Allen wins TEGNA if TEGNA does want to sell the TV stations. TEGNA is the oldest company in the West Michigan market when they bought WZZM from Hearst in 1998 also the time that Tribune bought WXMI Fox17 in 1998 as well and launching the first-ever 10PM news in Jan of 1999. Everyone has been bought at least 1 time since 2010s WWMT in 2011 was sold to Sinclair Freedom bought them in 98, WoodTV/WOTV/WXSP Lin owned Wood TV since 1983 before Media General bought it in 2014 than a year later sold to Nexstar which that went final in Jan 2017.
Tribune sold to Sinclair in the spring of 2017 Sinclair wanted to keep everything why the FCC killed the merger and Tribune got out of the merger in Aug of 2018 and sued Sinclair, which Sinclair sold WXMI Fox17 to Soo Kim's Standard General A.K.A. MG giving from the dead LOL since the merger was dead that didn't happen. Nexstar buys Tribune in Dec of 2018 and sold everything and didn't keep everything unlike Sinclair, which WXMI Fox17 was sold to Scripps in March of 2019 and went final 2 years ago in Sep of 2019. I know no one cares and went a bit off-topic.