On Friday Apollo Global Management Inc. made an all-cash offer to acquire TV-station owner, Tegna Inc. The private-equity firm offered a bid of $20 per share, valuing Tegna at around $4.4 billion, according to the Wall Street Journal.
Apollo recently closed a deal last December wrapping up a majority ownership stake in Cox Media Group, only to then offer a bid to Tegna Inc, though this didn’t lead to detailed talks. The most recent offer came just after Gray Television Inc, a peer company in the same sector.
The strategic purchase would position Gray Inc. to gain scale, pricing power with advertisers and the major networks.
Gray’s bid was a combination of cash and stock for the same $20 per share pricing. By combining companies the new company will be able to can gain…