Tegna receives counter-offers to purchase

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After Friday’s surprise bid by Gray Television to purchase much larger Tegna Inc., Apollo Global management reaffirmed it’s purchase offer to the company, and is prepared to offer $20 per share, but its bid would be all-cash.  Last year, Apollo acquired Cox Media for a price of $3 million including debt.  Tegna is prepared to consider these offers as there is also a chance that Standard Media which is run by Soo Kim has been kicking the tires on Tegna and the Tegna suits have been worried about him trying a hostile takeover of the company.  Tegna would rather make a deal then get taken over.  Any ownership changes will affect operations in our market at KING-TV &  KONG-TV.  Any purchase deals will have to be cleared first by the FCC & Dept. of Justice.

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Author: Mike Cherry

retired broadcaster: on-air, MD, PD, asst PD, Prod Mgr, IT, station technician/engineer, pioneer Internet webcaster, station installation/maintenance; 12 years in commercial radio, 17 years volunteer in campus/community radio in B.C., Alberta & Wash. Amateur radio operator & "DXer" specializing in AM night-time DX, short-wave DX/listening & remote SDR DXing/listening

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