Tegna Shareholders Approve Sale Of Broadcaster To Standard General, Apollo Global
deadline.comBig broadcaster Tegna is in the home strength of a long and sometimes contentious change of ownership, announcing that its shareholders have approved a sale led by investment firm Standard General.Stockholders representing some 78% of common stock voted at the company’s special meeting today to approve the deal, according to preliminary results.The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.
At close, Tegna will become a private company and its shares will no longer be traded on the New York Stock Exchange.Tegna’s assets include 64 television stations in 51 U.S.
markets, It’s the largest owner of top 4 network affiliates in the top 25 markets among independent station groups. It also owns multicast networks include True Crime Network, Twist and Quest, and OTT advertising service Premion.Tegna was in play for years before agreeing last Feb.
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.
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