Local TV station giant Tegna is being acquired by a Standard General L.P. affiliate for $24 per share in cash. The deal has an equity value of approximately $5.4 billion and an enterprise value of about $8.6 billion when including the assumption of debt.
The transaction represents a premium of roughly 39% to Tegna’s unaffected closing share price on Sept. 14, 2021, which was the last full trading day prior to media speculation about a potential sale. It represents a premium of approximately 11% to Tegna’s all-time high closing price since separating from the Gannett publishing business in 2015.
The transaction was unanimously approved by the Tegna Board.