Tegna in Advanced Sale Talks With Standard General

Television broadcaster Tegna Inc. is in advanced discussions with one of its largest shareholders, Standard General, about a potential buyout at about $24 a share, according to Bloomberg citing people familiar with the matter.

The deal would be backed by alternative asset manager Apollo Global Management Inc., which is in talks to receive preferred shares in Tegna and won’t have voting rights, the people said, asking not to be identified because the matter is private.

If negotiations are successful, a deal for McLean, Virginia-based Tegna could be announced in the coming weeks, the people added. No final decision has been made and talks could still fall through, they added.

An offer of around $24 a share would be about a $2-per-share increase on Standard General and Apollo’s previous bid for the company, which was reported by Bloomberg News in September. That bid was later bumped to $22.65 per share, people familiar with the matter said. Media mogul Byron Allen had also teamed up with Ares Management Corp. last year to offer $23 per share for Tegna.

A sale would consummate a years-long takeover saga for Tegna, which owns 64 television stations throughout the U.S. as well as media properties such as the True Crime Network, according to its website. Apollo had been in talks to acquire the company two years ago but ended discussions as the early days of the Covid-19 pandemic upended markets.

Negotiations were rebooted last year, and the parties have been haggling over issues including Tegna’s concerns that regulators would nix any sale given Apollo’s ownership stake in competitor Cox Media Group, Bloomberg News has reported.