Tegna Confirms Communication With Apollo

By Stephanie Tsoflias Siegel Comment

Tegna has confirmed Apollo Global Management made an offer to acquire the broadcast group.

Apollo approached the company in February of this year, a spokesperson confirmed.

“Tegna today confirmed it received a letter from Apollo in late February, 2019, stating that Apollo was interested in acquiring Tegna without specifying a price. Subsequently, in June 2019, Apollo made a different proposal, to combine TEGNA with broadcasting assets Apollo is in the process of buying, in a transaction that would not have constituted a change of control of Tegna. Tegna does not intend to update this disclosure.”

Apollo is in the process of buying Cox Media Group’s portfolio as well as Northwest Broadcasting.

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