Gray Television offers bid to purchase Tegna Inc.

Reuters News is today reporting that American regional TV station owner Gray Television has tendered an $8.5 million offer to purchase the much larger Tegna Inc.  Tegna owns KING-5 & KONG-16 here in our market.  Gray, which has a market capitalization of $1.6 billion, has offered about $20 per share in cash and stock for Tegna, two of the sources said. The acquisition financing would add to Gray’s $3.8 billion debt pile, but the company has a plan to quickly pay down debt should the deal be completed, one of the sources added.  There’s no indication yet whether Tegna will accept the offer.  Private equity firm Apollo Global Management Inc. has also signaled it wishes to purchase the corporation.

Leave a Reply

Your email address will not be published.

If your Comment is held in Moderation queue, you will be sent email confirmation once your Comment has been approved and posts on the site.
COMMENT GUIDELINES | "What Happened To My Comment?" | post an OFF-TOPIC COMMENT

This site uses Akismet to reduce spam. Learn how your comment data is processed.