Big publicly-traded broadcaster Tegna, which has been in play for months, agreed to sell itself to Standard General and investors led by Apollo Global Management and its Cox Media Group.It’s a cash deal for $24 a share.
That comes to an equity value of $5.4 billion, or $8.6 billion including the assumption of debt.The price reps a 39% premium to where Tegna’s stock closed on Sept.
14, 2021 – lookback the company said reflects its last full day of trading before speculation began to pop about a potential sale, with Bryon Allen, Gray Television and other PE firms among potential suitors.
It also reps a premium of 11% to Tegna’s all-time closing high since splitting off from the Gannett publishing business in 2015.There’s been a spate of M&A in broadcasting since, including Nexstar acquiring Tribune Media and Sinclair Broadcast buying the Fox regional sports networks.The deal was unanimously approved by Tegna’s board.
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