A multi-billion dollar deal has come to a close as local TV giant TEGNA sold its company to private equity firms.
Standard General and Apollo Global Management — the private equity firms — beat out Byron Allen’s Allen Media group to purchase the company for $24 per share, according to the Hollywood Reporter. Under the deal, the companies will become the nation’s largest minority-owned, women-lead broadcast group, according to the deal partners.
TEGNA owns 64 local television stations in 51 markets, including WCSH in Portland and WLBZ in Bangor.
“The transaction has an equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt,” the companies said.
Both Apollo and Standard General have experience working with TV stations.
Standard General previously led Young Broadcasting out of bankruptcy, with the company also acquiring a controlling stake in Media General, which sold to local TV giant Nexstar in 2018, the Hollywood Reporter said.
Apollo, meanwhile, owns the TV stations that had been operated by Cox Media Group, which it purchased in 2019.
Dave Lougee, president and CEO of TEGNA, called the deal “the next step in TEGNA’s evolution,” saying it “recognizes the value of our portfolio of leading broadcast assets and innovative digital brands.”