Media entrepreneur Byron Allen has made an all-cash bid for Tegna and is said to be one of three potential buyers circling the Tysons, Va.-based broadcaster, according to a source familiar with the…
Television, which last week made a offer, also for $20 a share but in a combination of cash and stock.Global Management, which recently acquired stations from Cox, also made a bid for $20 a share, said a source familiar with the situation.
Tegna is the name given to Gannett’s broadcast and digital business when it was spun off from the publishing assets. It owns 52 stations in 61 markets, including a preponderance of big-four network affiliates in many of the largest. It covers 39% of the country. Allen Media currently owns 15 television stations in 11 markets. It acquired most of them last month from USA TV for $305 million and said then that it planned to invest some $10 billion to acquire ABC, CBS, NBC and Fox television stations over the next three years to become of the largest broadcast television groups in America.
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