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Apollo looking again at buying Tegna

jabba17

jabba17

nypost.com

Apollo, Standard General make $8B bid for Tegna TV stations: sources

Apollo Global Management teamed with Standard General on Monday to make a binding bid that topped $8 billion for local TV station owner Tegna, sources close to the matter said.
nypost.com nypost.com

Not specifically radio, but Apollo (owner of Cox Media) looking again at buying Tegna.

If this goes through Apollo would have to sell off either WSB Channel 2 or WXIA Channel 11.
 
Ccook55 said:
And/or WATL.
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I think there's a rule that one owner can't own more than one major network (ABC, NBC, Fox, CBS) affiliate in a market, so unless either WSB or WXIA dropped its affiliation one of those two would have to go. Getting rid of WATL wouldn't help that issue.

Correct that the number of stations in a market limit (2) also applies.
 
I hope who ever ends up with Tegna doesn't over leverage themselves. Just off the top of my head, operators with stations in Atlanta that have done Chapter 11: iHeart/CC, Cumulus/Citadel, and Davis. TV wise: Channel 5's parent Gillett went chapter 11 after a couple of quick ownerships Fox bought 5 (New World) and became an FOX O & O. CBS ended up on 46.
 
secondchoice said:
I hope who ever ends up with Tegna doesn't over leverage themselves. Just off the top of my head, operators with stations in Atlanta that have done Chapter 11: iHeart/CC, Cumulus/Citadel, and Davis. TV wise: Channel 5's parent Gillett went chapter 11 after a couple of quick ownerships Fox bought 5 (New World) and became an FOX O & O. CBS ended up on 46.
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Private equity firms rarely gamble with their own money. If Apollo were to spend $8+ billion on TEGNA, it would almost certainly make plenty of money on the deal.

Now, what the people who invested with the PE firms get is a separate situation. That's usually what drives these bankruptcies. PE firms usually already have what they wanted out of their investments when those companies file bankruptcy. They know they'll lose their equity, and they tend to have the resources to keep those companies going when they haven't realized a satisfactory return.
 
I could see Gray making a run at WSB and flipping CBS46 (once they acquire it through the Meredith acquisition). They are an Atlanta company, investing heavily in Atlanta through their Assembly Yards project, and WSB fits their business model of owning #1 or #2 rated TV stations in the market.

In years past they’ve used Atlanta as an example of why this model works (Local TV station viewership usually doesn’t change much) in investor presentations. They’ve said (prior to entering into the agreement to purchase Meredith and this CBS46), the ratings in Atlanta are WSB, Fox5, 11Alive, and CBS46. They have been for years, and no amount of investment will change that.

No idea what that would mean for the Cox radio stations though.
 
BoboKnight said:
No idea what that would mean for the Cox radio stations though.
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They wouldn't have to sell the radio stations, unless they wanted to let Digital White Columns go as one package.
 
deejaywestbrook said:
I'd say it's high time that Disney or Universal put an O&O ABC or NBC affiliate in Atlanta...IMO.
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I don't think ComcastNBCUniversal can have an O&O in ATL since they own a large cable TV system in ATL. If not for that rule I'm sure Cox would have had all of the ATL cable systems.

Now this would be interesting: what if Comcast "traded" WSB and the ATL cable systems with Cox? I put "traded" in quotes because WSB-TV/Cox Media is owned by Apollo (albeit with enough Cox family investment to matter to the FCC, IIRC) and Cox Cable is still owned by Cox Enterprises.
 
jabba17 said:
I don't think ComcastNBCUniversal can have an O&O in ATL since they own a large cable TV system in ATL. If not for that rule I'm sure Cox would have had all of the ATL cable systems.
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But wait in San Francisco Comcast has cable/Internet service Xfinity, KNTV NBC Bay Area, KSTS Telemundo San Jose.

Most likely NBC is more interested in hyping up Peacock TV app. I don't think NBC wants more O&O's and Telemundo affiliates unless proven otherwise.
 
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