Byron Allen has shored up more investors to back his $23-a-share takeover offer for television broadcaster Tegna Inc., according to people familiar with the matter. The media mogul is seeking $8 billion or more in debt and equity to outbid a consortium that includes private equity giant Apollo Global Management and Standard General, said the people, who asked to not be identified because the matter isn’t public. Allen is discussing raising at least $2 billion in preferred equity from Oaktree Capital Group, Fortress Investment Group, the family office of Michael Milken and Ares Management Corp.
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Allen Media Group’s acquisitive CEO Byron Allen is looking at Quincy, Meredith and a TV station group from one of the Big Four broadcast networks this year.
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