Reuters is today reporting that Gray Television has withdrawn it’s $8.5 billion offer for Tegna. The company cites the effects of the coronavirus on American TV station operators & it’s own bottom line during this downturn in media viability. Private equity firm Apollo Management & TV & entertainment mogul Byron Allen are both contenders for Tegna & ongoing negotiations with both parties continues. According to sources, there is no assurance there will be a deal for Tegna, given the uncertainty of the coronavirus crisis.
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