Standard General and Apollo Global Management are buying local TV giant TEGNA in a multi-billion-dollar deal. The two private equity firms will buy the company for $24 per share, TEGNA announced Tuesday.
TEGNA was formed in 2015 when Gannett was split, creating TEGNA for its TV stations and keeping its newspaper business separate. The company owns 64 local stations in 51 markets.
“We believe TEGNA has a strong foundation and exciting prospects for continued growth as a result of the stewardship of the Board and the current management team. We look forward to building on the Company’s strong foundation and leveraging Deb’s deep industry experience to drive further growth,” said Soo Kim, Founding Partner of Standard General.
The deal is expected to close in the second half of 2022 if approved by TEGNA shareholders, regulatory approvals, and other customary closing conditions, and is expected to close in the second half of 2022.
“Following the close of the transaction, TEGNA stations in Austin (KVUE), Dallas (WFAA and KMPX) and Houston (KHOU and KTBU) are expected to be acquired by Cox Media Group (“CMG”) from Standard General. Also after closing, Premion is expected to operate as a standalone business majority owned by Cox Media Group and Standard General,” TEGNA shared in a statement.
Dave Lougee, President and CEO of TEGNA, said, “This transaction is the next step in TEGNA’s evolution and recognizes the value of our portfolio of leading broadcast assets and innovative digital brands.”