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.