Broadcast giant Tegna Inc. is set to be acquired by Standard General and Apollo Global Management Inc. in an $8.6-billion deal, the company announced in a filing.
- A Standard General affiliate will acquire Tegna for $24.00 apiece in cash, bringing the transaction’s equity value at $5.4 billion and the enterprise value of approximately $8.6 billion.
- The affiliate will own majority of the voting, common equity in the new entity. Cox Media Group and Apollo Global-managed funds will also hold securities, mainly non-voting and non-attributable.
- The transaction is set to be closed by the second half of the year, which will trigger the acquisition of Tegna stations in Austin, Dallas, and Houston by Cox Media Group from Standard General.
- Once finalized, Tegna will become a private firm and will no longer be traded on the New York Stock Exchange. Premion will operate as an independent business, with the Cox Media Group and Standard General as majority owners.
Tegna President and Chief Executive Dave Lougee said the firm will be led by former Media General Chief Executive Deb McDermott. TGNA is up 8.35%, while APO is down 1.14% premarket.