US broadcaster Tegna has announced a $5.4bn deal to sell itself to a pair of private equity firms.
The deal will see Standard General and Apollo Global Management acquire the broadcaster for $24 per share. The transaction has an equity value of approximately $5.4bn and an enterprise value of approximately $8.6bn, including the assumption of debt.
The acquisition is expected to close in the second half of 2022, at which point Standard Media chief exec Deb McDermott will become CEO.
Tegna owns 64 local TV stations across 51 markets. It is the largest independent owner of NBC affiliates in the US.
Dave Lougee, president and CEO of Tegna, said: “This transaction is the next step in Tegna’s evolution and recognizes the value of our portfolio of leading broadcast assets and innovative digital brands. Tegna’s employees deserve tremendous credit for their commitment to serving our viewers with high-quality news and content that informs and supports our local communities.
“At all levels, we have been tireless in our efforts to ensure Tegna effectively serves all of our stakeholders, and I am immensely proud of these efforts. Our hard work has built a company that is a leading and trusted local news and media content provider in the markets it serves and has fostered a culture of diversity and inclusiveness.”