An affiliate of New York-based hedge fund Standard General and private equity firm Apollo Global Management are to acquire US broadcast and digital media company TEGNA for USD5.4 billion.
An affiliate of New York-based hedge fund Standard General and private equity firm Apollo Global Management are to acquire US broadcast and digital media company TEGNA for USD5.4 billion.
The USD24.00 per share deal has an enterprise value of USD8.6 billion, including the assumption of debt.
The transaction consideration represents a premium of approximately 39 per cent to TEGNA’s unaffected closing share price on 14 September, 2021, the last full trading day prior to media speculation about a potential sale of the business, and a premium of approximately 11 per cent to TEGNA’s all-time high closing price since separation from the Gannett publishing business in 2015. The transaction has been unanimously approved by the TEGNA Board.
Tegna owns 64 television stations broadcasting in 51 US markets and reaches 39 per cent of all US television households. It was created in 2015 as a publicly traded company after news paper publisher McLean-based Gannett Co Inc spun off its broadcast and digital media divisions.
Deb McDermott, CEO of Standard Media, will become CEO, and Soo Kim, founding partner of Standard General, will serve as chairman of the board.
