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.
1 visit(s) today
You might also enjoy......
Apollo Global Eyes Tegna
COX Cutbacks; Radio On-Demand
New anchors for KING-5 4pm newscast
TEGNA – With Fewer Employees, Individuals Work Harder
Throwin’ Back On New Year’s Eve
KING Mike
Update: Cheryl Carson takes ND gig at WJLA
TEGNA Seattle announces new News Director for KING-5/KONG-16
Jenna Hanchard resigns from KING-5
Alison Morrow Leaves KING 5
Puget Sound TV stations – 1953
Seattle-Tacoma TV broadcasters – 1952
New KING-5 morning traffic anchor
Cumulus liquidates assets; iHeart needs investors
