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Two private equity firms are buying local TV giant company Tegna in a $5.4 billion deal.
Top line
Standard General and Apollo Global Management have partnered to acquire the company for $24 per share, an equity value of approximately $5.4 billion and an enterprise value of around $8.6 billion, according to the company.
Between the lines
The deal beats out a $10 billion bid from Byron Allen’s Allen Media Group, which was backed by 14 banks and 10 investors, including Ares Management Corp, Fortress Investment Group, Oaktree Capital Management and the family office of financier Michael Milken.
Standard General was already the company’s largest active shareholder, and the deal is expected to close in the second half of the year.
Tegna
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