Tegna shareholders have agreed to the merger with Standard General and a second private equity firm, Apollo Global Management.
According to Tegna, approximately 78% of the station group’s outstanding common shares voted to adopt the Merger Agreement.
The $8.6 billion transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.
After the merger, Tegna will become a private company and its shares will no longer be traded on the New York Stock Exchange.
Tegna has 64 television stations in 51 U.S. markets and is the largest owner of top four network affiliates in the top 25 markets, among independent station groups.
Upon closing, Deb McDermott will take over for Dave Lougee as chief executive officer and Soo Kim, founding partner of Standard General, will serve as chairman of a new board. McDermott currently serves as CEO of Standard Media and has more than 20 years of experience leading broadcast groups, including previously serving as COO of Media General and as CEO and president of Young Broadcasting.