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Report: Another Investor Is Asking TEGNA of KARE-TV To Sell Or Merge

Y2kTheNewOldies

Y2kTheNewOldies

https://www.allaccess.com/net-news/...t-another-investor-is-asking-tegna-to-sell-or


REUTERS is reporting that another investor in TEGNA is urging a sale or merger of the company. Hedge fund HG VORA CAPITAL MANAGEMENT, holder of about 4% of TEGNA's stock, has joined STANDARD GENERAL and DONERAIL in pushing for the company to look to consolidate with another operator.

TEGNA has thus far resisted STANDARD GENERAL's call for seats on its board and a selloff of the company, but a letter to shareholders sent TUESDAY (1/21) indicated that the company is considering all options for increasing returns, but also responded to STANDARD GENERAL's contention that TEGNA had rejected a deal to be bought "at a premium valuation from a credible buyer" by saying that APOLLO CAPITAL MANAGEMENT, the purchaser of COX MEDIA GROUP, had approached TEGNA twice last year but no price was set, nor firm offer made, and that last JUNE, APOLLO attempted to sell COX MEDIA GROUP to TEGNA but the latter decided that the deal would not benefit shareholders.
Click to expand...


If the deal is true who will Tegna merge with though?
 
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