Standard General to acquire Tegna – A DCRTV Note

TEGNA, formerly under the Gannett name, announced today that it is being acquired by an affiliate of Standard General. The definitive agreement states that the company will be purchased for $24.00 per share in cash with an equity value of roughly $5.4 billion and an enterprise value of $8.6 billion which includes the assumption of debt.

Following the close, TEGNA stations in three Texas markets are expected to be divested to Cox Media Group. Premion will also be a standalone business owned by Cox and Standard General. TEGNA will then become a private company and shares will no longer be offered on the NYSE.\

TEGNA, based in Tysons, VA, has 64 TV stations in 51 US markets. WUSA (9) in Washington, D.C. is the flagship station. One of the company’s more recent purchases was WBNS-TV (10) in Columbus, Ohio where it also owns WBNS-AM/FM (1460/97.1) – the only radio properties in its portfolio.