By Jill Goldsmith EXCLUSIVE: Media entrepreneur Byron Allen has made an all-cash bid for Tegna and is said to be one of three potential buyers circling the Tysons, Va.-based broadcaster, according to a source familiar with the situation.
Allen’s Allen Media Group offered $20 a share, or about $8.5 billion, the source said. It is going up against Gray Television, which last week made a offer, also for $20 a share but in a combination of cash and stock.
Private equity firm Apollo Global Management, which recently acquired stations from Cox, is also said to have made a bid. Allen’s offer represents a significant premium to the current price of Tegna shares, which have been buffeted like other media stocks (and just about all stocks) by the
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