Local TV station giant Tegna is being acquired by a Standard General L.P. affiliate for $24 per share in cash. The deal has an equity value of approximately $5.4 billion and an enterprise value of about $8.6 billion when including the assumption of debt.
The transaction represents a premium of roughly 39% to Tegna’s unaffected closing share price on Sept. 14, 2021, which was the last full trading day prior to media speculation about a potential sale. It represents a premium of approximately 11% to Tegna’s all-time high closing price since separating from the Gannett publishing business in 2015.
The transaction was unanimously approved by the Tegna Board. It is now subject to approval by Tegna shareholders, regulatory approvals, and other customary closing conditions, and is expected to close in the second half of 2022.
Following the close of the transaction, Tegna stations in Austin (Kvue), Dallas (Wfaa and Kmpx) and Houston (Khou and Ktbu), are...
The transaction represents a premium of roughly 39% to Tegna’s unaffected closing share price on Sept. 14, 2021, which was the last full trading day prior to media speculation about a potential sale. It represents a premium of approximately 11% to Tegna’s all-time high closing price since separating from the Gannett publishing business in 2015.
The transaction was unanimously approved by the Tegna Board. It is now subject to approval by Tegna shareholders, regulatory approvals, and other customary closing conditions, and is expected to close in the second half of 2022.
Following the close of the transaction, Tegna stations in Austin (Kvue), Dallas (Wfaa and Kmpx) and Houston (Khou and Ktbu), are...
- 2/22/2022
- by Tony Maglio
- The Wrap
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