TYSONS, Va.—Any attempts to acquire Tegna have been put on hold because of the market conditions caused by the coronavirus pandemic, Tegna has reported.
Tegna acknowledged that it had received “four unsolicited acquisition proposals” recently. Tegna engaged with two of the parties, though did not identify them, but after the impact of the coronavirus both companies informed Tegna that they were ceasing discussions. Discussions did not take place with the other two companies because, per Tegna, they did not sign confidentiality agreements to enable due diligence and did not deliver any information on financing sources.
TV Technology had previously reported that Apollo Global Management, Byron Allen, Gray Television and the partnership of Najafi Companies and Trinity Broadcasting Network had made offers for Tegna. Gray Television had previously withdrawn its offer.
Tegna Chairman of the Board Howard Elias says that the explorations of these offers was about “opportunities to create value.”
“The Board has been, and remains, willing to consider transactions that create compelling value, and our focus is on helping management navigate through an unprecedented environment,” said Elias.
Tegna said it does not intend to update its disclosure of this information.
