According to a statement released by the station group, Apollo has proposed first acquiring Tegna and later merging it with Cox Media Group. Apollo struck a deal to acquire Cox in February, but that deal has not yet closed.
Tegna Confirms Apollo M&A Contacts
In apparent response to a report in the Wall Street Journal last Friday, Tegna this morning released a statement saying that in June the Apollo private equity fund buying Cox Media Group proposed merging Tegna with the Cox properties.
Tegna said that the proposal would not have “constituted a change of control of Tegna.”
Tegna also said that Apollo had contacted Tegna earlier — in late February — saying it was interested in acquiring Tegna “without specifying a price.”
Tegna’s brief statement concluded with it saying it “does not intend to update this disclosure.”
Apollo’s deal to acquire Cox Media Group was announced in February.
On Monday, Tegna stock jumped 14% to $16.08. Following this morning’s announcement, the stock has settled back down to $14.56.
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