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Apollo, Standard General make $8 billion bid for Tegna

Very happy to have sold my TEGNA stock earlier this week after the extension was announced.
 
The deal may be but all on life support, but according to this article, Standard General is pressing on with the purchase.
 
Ccook55 said:
The deal may be but all on life support, but according to this article, Standard General is pressing on with the purchase.
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Bullying FCC chairperson Rosenworcel to vote on the deal is definitely a choice.

I’m stunned that the person who merged Young, LIN and MediaGeneral out of existence has completely forgotten how M&As work.
 
Nathan Obral said:
Bullying FCC chairperson Rosenworcel to vote on the deal is definitely a choice.

I’m stunned that the person who merged Young, LIN and MediaGeneral out of existence has completely forgotten how M&As work.
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The deal is going to go through. What are the real conflicts here? It’s obvious Kim is going to lie about layoffs to get this deal done. Sinclair and Tribune wouldve merged had Sinclair not try to undervalue stations in their top three markets - and then mislead the FCC.
 
Loverofradio said:
The deal is going to go through. What are the real conflicts here? It’s obvious Kim is going to lie about layoffs to get this deal done. Sinclair and Tribune wouldve merged had Sinclair not try to undervalue stations in their top three markets - and then mislead the FCC.
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It's the exact opposite. The deal is 99.999994% dead because the FCC designated this for a hearing and sent it to an administrative law judge, the exact same thing they did to Sinclair-Tribune. Moreover, the terms of the buyout agreement actually gave Tegna the right to terminate the proceedings if it was ever sent to an HDO.

@Sammi Brie dug this up
Section 8.1 Termination or Abandonment. Notwithstanding anything in this Agreement to the contrary, this Agreement may be terminated and abandoned at any time prior to the Teton Merger Effective Time, whether before or after the Company Stockholder Approval (except as otherwise provided in this Agreement), only as follows (it being understood and agreed that this Agreement may not be terminated for any other reason or on any other basis): ...

(c) (i) by either the Company or Parent, if an Order by a Governmental Entity of competent jurisdiction in the United States shall have been issued permanently restraining, enjoining or otherwise prohibiting the consummation of the Teton Merger and such Order shall have become final and nonappealable or (ii) by the Company or Parent, if the FCC issues a Hearing Designation Order with respect to the Teton Merger or the transactions contemplated by the Contribution Agreement; provided, however, that the right to terminate this Agreement pursuant to this Section 8.1(c) shall not be available to a party if such Order was primarily attributable to the material breach by such party of any representation, warranty, covenant or other agreement of such party set forth in this Agreement;
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DarrenVision said:
Will Tegna be bought up by Bryon Allen or Hearst? Or Tegna might buy any available station or station group available?
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Hearst is a diversified company and rarely buys anything. Byron might try again but the environment is totally different and non-conducive to M&As. Higher interest rates will do that.

Unless there's some white knight-like deal negotiations going on behind our backs, Tegna may be forced to remain as-is for the foreseeable future.
 
Nathan Obral said:
Hearst is a diversified company and rarely buys anything. Byron might try again but the environment is totally different and non-conducive to M&As. Higher interest rates will do that.

Unless there's some white knight-like deal negotiations going on behind our backs, Tegna may be forced to remain as-is for the foreseeable future.
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they can salvage the deal by changing the offer to buy the non-overlap markets of Pittsburgh, Boston, Orlando, Dayton, and Eugene Oregon plus the INSP stations except in Memphis and Spokane and even the 4 Standard Media stations in Rhode Island, Cape Giradeau, and Lincoln, Nebraska
 
The constitutionality of the hearing designation is being challenged, according to this article.. At stake is a $130 million breakup fee.
 
Ccook55 said:
The constitutionality of the hearing designation is being challenged, according to this article.. At stake is a $130 million breakup fee.
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A former Republican commission chairman is suggesting it should be challenged. In reality, there are no court challenges actually being filed, and even if there were, it’d take months to go through, if not years.

There’s no magic wand to be waved.
 
Two unions (NABET-CWA and News Guild) have submitted a petition against an FCC review of the deal, pretty much saying put it out of its misery. Details here..
 
"Tanga"?

The FCC has approved the sale of WCOV (along with WIYC and WALE-LD). It just hasn't closed yet. It was supposed to close last fall.
 
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One other conflict there is Allen competes with Tegna in both Huntsville and Tucson will there gonna be swaps because Tegna has Fox stations in their markets
 
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