Gray Television withdraws Tegna offer

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Reuters is today reporting that Gray Television has withdrawn it’s $8.5 billion offer for Tegna.  The company cites the effects of the coronavirus on American TV station operators & it’s own bottom line during this downturn in media viability.  Private equity firm Apollo Management & TV & entertainment mogul Byron Allen are both contenders for Tegna & ongoing negotiations with both parties continues.  According to sources, there is no assurance there will be a deal for Tegna, given the uncertainty of the coronavirus crisis.

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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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