Tegna Acknowledges Apollo Made Buyout Bids

Recent proposal would combine Tegna with other Apollo broadcast assets.
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TYSONS, Va.—Apollo was made two different buyout proposals to Tegna so far in 2019; Tegna confirmed the news in a statement released on Wednesday, Aug. 21.

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Tegna says that the first buyout proposal from Apollo came via a letter in February, where Apollo said that it was interested in acquiring Tegna, but did not specify a price. Apollo followed up again in June with a new proposal, in which it would combine Tegna with broadcasting assets Apollo is in the process of buying. This proposal would not have resulted in a change of control for Tegna, the company said in its statement.

Apollo is currently in the process of buying the Cox TV stations following Cox Enterprises’ agreement to sell a majority interest in Cox Media Group earlier this year. Cox Media Group owns 13 TV stations and other assets. That deal is valued at $3 billion, per reports.

Tegna said that it does not intend to update the disclosure.