21 Sep Broadcaster Tegna Said to Get Bids From Apollo, Byron Allen
By By Scott Deveau, Gerry Smith, and Liana Baker
Allen has teamed up with Ares Management Corp. to offer $23 per share, said one of the people, who asked to not be identified because the matter isn’t public. Apollo made an all-cash offer of roughly $22 per-share along with co-bidder Standard General, one of Tegna’s largest shareholders, the people said.
Tegna said in a statement it would review acquisition proposals.
Tegna shares rose 4.9% to $20.39 at 2:25 p.m. in New York, giving the company a market value of about $4.5 billion. The stock has gained 46% this year.
Representatives for Allen, Apollo and Ares declined to comment. A representative for Standard General wasn’t immediately available for comment. Tegna declined to comment on specific offers.
Standard General is Tegna’s fourth-largest shareholder with a 4.8% stake. It has pushed for change at the broadcaster, arguing that current leadership oversaw a series of missteps, including failing to find a buyer.
Standard General tried and failed in 2020 and 2021 to revamp Tegna’s board.
Apollo has been amassing a local-TV empire, having bought more than a dozen stations from Cox Media Group in 2019.
Details on the Tegna bids were reported earlier in the New York Post and Dealreporter.
— With assistance by Christopher Palmeri