Tegna, including San Diego’s KFMB-TV (CBS8), will sell to private firms. Tegna owns 64 stations in 51 markets. According to a Tegna statement, the transaction has an enterprise value of around $8.6 billion, including the assumption of debt.
SAN DIEGO – Television broadcast company Tegna — which owns San Diego-based KFMB-TV — agreed Tuesday to sell to private equity firms Standard General and Apollo for $24 per share.
“We are pleased to have reached this agreement with Standard General, which follows a thorough review of acquisition proposals received by the company,” said Howard Elias, chairman of the Tegna board, which approved the deal unanimously. “After evaluating this opportunity against Tegna’s standalone prospects and other strategic alternatives, our board concluded that this transaction maximizes value for Tegna shareholders.
“As long-term investors in the television broadcasting industry, we have a deep admiration for Tegna and the stations it operates and, in particular, for Tegna’s talented employees and their commitment to serving their communities,” said Soo Kim, founding partner of Standard General. “We believe Tegna has a strong foundation and exciting prospects for continued growth as a result of the stewardship of the board and the current management team.
McDermott is CEO of Standard Media and has more than 20 years of experience leading broadcast groups, including previously serving as COO of Media General and as CEO and president of Young Broadcasting.
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