Tegna said it has received two offers to do a deal from Apollo Global Management, which is in the process of buying the Cox TV stations.
In a statement Wednesday, Tegna said it received a letter from Apollo in late February saying Apollo was interested in acquiring Tegna. The letter had no pricing information, Tegna said.
In June, Tegna received a different proposal from Apollo that said it would combine Tegna with other broadcast assets Apollo was in the process of buying. Tegna said that transaction would not have constituted a change of control for Tegna.
Tegna said it does not intend to update its disclosure.
Tegna shares rose earlier this week after a report in the Wall Street Journal on Apollo’s interest in Tegna. Tegna shares were down 5% in early trading Wednesday.
Cox Enterprises agreed to sell a majority interest in Cox Media Group to Apollo Global Management in June. Cox Media Group owns 13 TV stations and other assets.
Published reports put the value of the deal at about $3 billion.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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