Media mogul Byron Allen has made a bid for broadcaster Tegna Inc. that values the owner of 62 local television stations at $4.4 billion, The Wall Street journal reports citing a person familiar with matter.
The all-cash, $20-a-share bid was submitted to Tegna on Tuesday, the person said. Taking into consideration Tegna’s hefty debt load, the bid is worth about $8.5 billion.
Allen, a comedian-turned-entrepreneur, joins an increasingly crowded list of Tegna suitors. Private-equity firm Apollo Global Management Inc. also made an all-cash $20-a-share bid for Tegna, and broadcaster Gray Television Inc.made a $20-a-share offer for Tegna, though its offer was a mix of mostly cash and some stock, a person familiar with it said.
Allen’s company, Allen Media Group/Entertainment Studios, produces movies and owns 15 television stations, the Weather Channel as well as a stake in more than 20 regional sports networks controlled by Sinclair Broadcast Group Inc.
One of the biggest broadcasters in the industry, Tegna is the largest owner of NBC, CBS, ABC and Fox stations in the top-25 markets and overall its stations reach 39% of the country.
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