Is TEGNA being bought out?
Feb 22 (Reuters) – U.S. TV station operator Tegna Inc (TGNA. N) will be acquired by Standard General for $5.4 billion in an all-cash deal, ending a years-long battle by the shareholder. Standard General’s $24 per share offer is at a premium of about 15% to Tegna’s closing price on Friday.
Who is trying to buy TEGNA?
(NYSE: TGNA) and Standard General L.P. today announced that TEGNA and an affiliate of Standard General have entered into a definitive agreement under which TEGNA will be acquired by the Standard General affiliate for $24.00 per share in cash.
Was TEGNA sold?
Tegna, one of the largest U.S. local news broadcast companies, has sold to one of its largest shareholders, Standard General, in a $5.4 billion deal backed by private equity giant Apollo Global Management, the companies said Tuesday.
What company owns TEGNA?
In terms of audience reach, Tegna is the largest group owner of NBC-affiliated stations, ahead of Hearst Television and Sinclair Broadcast Group, and the fourth-largest group owner of ABC affiliates, behind Hearst, the E. W….Tegna Inc.
| Type | Public |
|---|---|
| Number of employees | 6,883 (2019) |
| Website | tegna.com |
| Footnotes / references |
Who is CEO of tegna?
Dave Lougee (Jun 1, 2017–)Tegna Inc. / CEO
Does Apollo own Cox Media Group?
Cox Media Group, the media company that’s majority-owned by affiliates of Apollo Global Management and minority-owned by Cox Enterprises, has agreed to sell a dozen TV stations to Imagicomm Communications, a broadcast affiliate of INSP, a cable network that runs movies, classic TV shows and Westerns.
How much is Tegna asking for?
In recent weeks, insiders say Tegna has asked the bidders to agree to a “hell or high water” condition, meaning they would not walk away from the merger no matter how long it took to get through regulators. Tegna also has demanded a higher-than-normal breakup fee of about $500 million, sources said.
Does TEGNA own Premion?
March 28, 2019- MEDIAPOST- Premion, the TEGNA-owned CTV and OTT video advertising platform for regional and local advertisers, has tapped John Vilade as its head…
What kind of company is TEGNA?
broadcasting, digital media and marketing services company
TEGNA Inc. is a broadcasting, digital media and marketing services company. The Company owns and operates television stations, delivering news and informative content.
Is TEGNA a real company?
TEGNA is a national company that has over 60 stations across the country. There are two located in California, southern and northern.
Is TEGNA a good company to work for?
Is TEGNA a good company to work for? TEGNA has an overall rating of 3.6 out of 5, based on over 390 reviews left anonymously by employees. 63% of employees would recommend working at TEGNA to a friend and 58% have a positive outlook for the business.
Who is David Lougee?
Dave Lougee is president and CEO of TEGNA Inc., one of the most geographically diverse broadcasters in the U.S. He also serves on the company’s Board of Directors. Prior to becoming CEO, Lougee spent 10 years as president of TEGNA Media. During that time, the company acquired Belo Corp.
How much did Tegna sell for?
Local TV station giant Tegna is being acquired by a Standard General L.P. affiliate for $24 per share in cash. The deal has an equity value of approximately $5.4 billion and an enterprise value of about $8.6 billion when including the assumption of debt.
Is standard general the new owner of Tegna?
Standard General, not Apollo, would be the controlling owner of the new Tegna, sources said. Tegna over the last month has invited Standard General and Apollo, as well as the comedian-turned-media-mogul Byron Allen who is teaming up for a bid with buyout firm Ares Management, into its data room to review its confidential financial information.
How much is Kim borrowing to finance the Tegna buyout?
Overall, Kim is borrowing $8 billion to finance the highly leveraged buyout, a source said. Apollo is loaning $450 million in junior debt at a 14 percent interest rate to fund the Tegna buyout that rises over time. The private equity firm is also providing another $230 million more senior loan at a lower rate, a source said.
What will happen to Tegna after Apollo buyout?
After the buyout closes, Tegna plans to sell Apollo’s Cox three TV stations in Austin, Dallas and Houston to Apollo’s Cox, Tegna said in Tuesday’s release. Overall, Kim is borrowing $8 billion to finance the highly leveraged buyout, a source said.