Apollo offers to acquire broadcaster Tegna
Details
Michelle Clancy
| 22 August 2019

Local US TV station owner Tegna said it has received an offer, reportedly worth $3bn, to sell itself to American private equity firm Apollo Global Management.

Tegna stations cover around a tenth of the US claiming about 11 million households. In June 2019, the company sealed a multi-year affiliation renewal dealmulti-year affiliation renewal deal with CBS covering TV stations in 11 markets.

In this latest move, Tegna said it received a letter from Apollo in late February signalling its interest; and then a second letter saying that it would combine Tegna with other broadcast assets it is acquiring, such as the Cox TV stations. Tegna said that transaction would not have constituted a change of control for Tegna.

Cox Enterprises agreed to sell a majority interest in Cox Media Group to Apollo Global Management in June. Cox Media Group owns 13 TV stations.