Apollo ups offer for $4.3bn-valued US TV operator Tegna to continue long-time pursuit

U.S. regional TV station operator Tegna is in talks to sell itself to shareholder Standard General and private-equity firm Apollo Global Management for $24 per share, a source familiar with the matter said.

The negotiations over other contract terms are continuing and a deal is not certain, the source added.

Shares of Tysons, Virginia-based Tegna closed up 7% at $21.34, giving the company a market capitalization of about $4.72bn.

Apollo Global Management and Tegna declined to comment, while Standard General did not immediately respond to a Reuters request for comment.

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Standard General owns about 4.8% of Tegna, making it the fourth-largest shareholder, according to Refinitiv data.

The latest offer is an increase of about $2 per share over Apollo and Standard General’s bid in September that was reported by Bloomberg News.

Reuters reported in November that media entrepreneur Byron Allen had raised $10bn in preferred equity and debt to fund his bid for Tegna, hoping to prevail over a rival offer from Apollo and Standard General.

Apollo owns 33 TV stations in 20 markets through its portfolio company Cox Media Group, while Standard General owns four TV stations, according to their websites.

Bloomberg, which first reported the news on Friday, said Apollo was in talks to receive preferred shares in the media company and would not have voting rights.

Source: Reuters

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