Tegna on Tuesday confirmed that it has recently received acquisition proposals.
Published reports said that the broadcaster has hired an investment banker to handle a bidding process and that Apollo Global Management, Standard General and Byron Allen were interested. One report had Apollo and Standard General combining to make an offer worth $8 billion
In its statement, Tegna said that “consistent with its fiduciary duty to Tegna shareholders, the board will carefully review and evaluated these proposals.
Apollo, Standard General and Allen’s Allen Media Group either had no comment or didn’t return emails seeking a comment.
Last year, Tegna said it received four takeover proposals, but that the bids were withdrawn because of uncertainty over the Coronavirus.
Standard General, a major Tegna shareholder and one of the bidders, ultimately lost a proxy fight to get directors on the Tegna board. It accused Tegna of creating a process that discouraged bidders and ended the possibility of a takeover that would benefit shareholders.
Standard General had criticized Tegna management for not optimizing its portfolio of assets, a spotty record of acquisitions and the lackluster performance of its stock. It also accused Tegna of discouraging efforts to buyout the company.
Tegna defended its financial record, claiming a “proven track record of taking decisive action to maximize shareholder value. It said " the company said, adding that the board was open to transactions, but would only pursue those in the best interests of all shareholders.
Tegna shares were up 6% to $20.71 in midday trading.
Tegna owns 64 television stations in 51 U.S. markets. It also owns multicast networks True Crime Network, Twist and Quest and advanced-advertising company Premion.
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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