After Friday’s surprise bid by Gray Television to purchase much larger Tegna Inc., Apollo Global management reaffirmed it’s purchase offer to the company, and is prepared to offer $20 per share, but its bid would be all-cash. Last year, Apollo acquired Cox Media for a price of $3 million including debt. Tegna is prepared to consider these offers as there is also a chance that Standard Media which is run by Soo Kim has been kicking the tires on Tegna and the Tegna suits have been worried about him trying a hostile takeover of the company. Tegna would rather make a deal then get taken over. Any ownership changes will affect operations in our market at KING-TV & KONG-TV. Any purchase deals will have to be cleared first by the FCC & Dept. of Justice.
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