After making a reported bid of $8.5 billion for Tegna, Gray Television has withdrawn its offer, according to a new report from Reuters. The reason has to do with Gray’s concern over the impact the coronavirus (COVID-19) outbreak could have on U.S. regional TV station operators.
Reuters says that sources for Gray Television detailed how falling stock after the offer was first reported and concerns regarding coronavirus led Gray to decide that “this was not the time to pursue the transformative acquisition.”
Apollo Global Management and Byron Allen are both still in contention to acquire Tegna, per Retuers, but there is no certainty that any deal will be completed.
Reuters has the full report.
