An affiliate of New York-based hedge fund Standard General and private equity firm Apollo Global Management are to acquire US broadcast and digital media company TEGNA for USD5.4 billion.
The USD24.00 per share deal has an enterprise value of USD8.6 billion, including the assumption of debt.
Tegna owns 64 television stations broadcasting in 51 US markets and reaches 39 per cent of all US television households. It was created in 2015 as a publicly traded company after news paper publisher McLean-based Gannett Co Inc spun off its broadcast and digital media divisions.
Read more: Private Equity Wire
