TEGNA Inc. announced that at a special meeting of shareholders held earlier today, its shareholders voted to adopt the Agreement and Plan of Merger, dated as of February 22, 2022, pursuant to which TEGNA will be acquired by an affiliate of Standard General L.P.
According to the preliminary results announced at the special meeting, subject to certification by the independent Inspector of Election, approximately 78% of TEGNA’s outstanding common shares voted to adopt the Merger Agreement. Certified results will be filed on a Current Report on Form 8-K with the Securities and Exchange Commission and posted on TEGNA’s investor website, investors.tegna.com.
The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions. Upon closing, TEGNA will become a private company, and its shares will no longer be traded on the New York Stock Exchange.
Tegna owns 64 U.S. TV stations in 51 different markets. It also owns the True Crime, Twist and Quest networks.
The deal is also backed by private-equity firm Apollo Global Management, which will hold an unspecified amount of nonvoting shares in the Standard General-owned entity buying Tegna. Apollo, which had held talks years ago to buy Tegna as it pushed to expand in broadcast media, owns a majority stake in Tegna rival Cox Media Group.
Once the deal closes, Standard General founding partner Soo Kim will become chairman of Tegna. Deb McDermott, a Standard General executive and the former chief operating officer of Media General, will become chief executive officer of Tegna.
“We believe TEGNA has a strong foundation and exciting prospects for continued growth as a result of the stewardship of the Board and the current management team,” Mr. Kim stated.
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