Photo: Entertainment Studios
Deadline today reports that media entrepreneur Byron Allen is the latest bidder for acquisition of Tegna. Allen Media Group has offered $8.5 billion for the companies assets & properties. This equals the bid that Apollo Global Management has tendered for the purchase. Allen Media currently owns 15 television stations in 11 markets. It acquired most of them last month from USA TV for $305 million and said then that it planned to invest some $10 billion to acquire ABC, CBS, NBC and Fox television stations over the next three years to become one of the largest broadcast television groups in America.The company owns a handful of cable networks, including the Weather Channel, digital news site The Grio, and film and television production under Entertainment Studios. Allen personally partnered with Sinclair to acquire the Fox Regional Sports Networks from Disney in a deal worth $10.6 billion.