Tysons television station operator Tegna Inc. (NYSE: TGNA) said Sunday two parties interested in acquiring the company have backed out of talks as U.S. markets have been upended by the coronavirus pandemic.
Tegna said in a statement it has received unsolicited acquisition offers from four different entities in recent weeks. It said the two parties that have not ended discussions have yet to sign confidentiality agreements that would allow them to open Tegna’s books and create deeper discussions.
Atlanta’s Gray Television Inc. (NYSE: GTN) and New York private equity giant Apollo Global Management Inc. were the two companies that ended talks of a deal with Tegna, according to Reuters.
Both made offers valuing Tegna at $8.5 billion, according to the report, with Gray having made a cash-and-stock offer and Apollo making an all-cash overture. TV producer Byron Allen has also made an offer of a similar valuation, according to Bloomberg.
Phoenix investment firm Najafi Cos. and faith-based…Read the full story from the Washington Business Journal.