Byron Allen Bids To Buy TEGNA TV stations – The Hollywood Reporter
TEGNA, the native TV firm with some 64 stations in 51 markets, confirmed Tuesday that it has obtained a number of acquisition proposals.
“Per its fiduciary responsibility to TEGNA shareholders, the Board will rigorously overview and consider these proposals,” the corporate mentioned in a press release.
The corporate didn’t present any specifics on who the bidders are, however The Hollywood Reporter has confirmed that non-public fairness large Apollo made a joint bid with Commonplace Basic, and that mogul Byron Allen and various funding agency Ares Administration additionally submitted a joint bid.
Bloomberg reported Tuesday that the Allen-Ares bid was $23 per share, larger than Apollo’s $22 per share all-cash bid.
Allen and Apollo had been beforehand circling TEGNA final 12 months, nonetheless the corporate dropped sale plans in late March of 2020 because of the uncertainty of the novel coronavirus pandemic. That being mentioned, the previous 12 months has been a surprisingly sturdy one for M&A within the native TV area. Grey Tv acquired the previous Quincy Media stations for $925 million in February, and in Might Meredith Corp. introduced a deal to promote its native TV stations to Grey for $2.7 billion.
Grey needed to promote a handful of stations to fulfill regulators, and Allen purchased 7 of these former Grey stations for $380 million as a part of that divestiture.
Allen, a comic turned media mogul (his firm additionally owns The Climate Channel and a set of cable channels), has been aggressively looking for acquisition targets lately.
“I’m near the identical age when Rupert Murdoch got here right here to America,” he instructed THR‘s Seth Abramovitch final July. “He was in his 50s. I’m 59. What you see at this time will likely be 10,000 occasions larger.”