Apollo Global Management Approached TEGNA About Sale, Reports The WSJ

Acquisition Target?

THE WALL STREET JOURNAL is reporting that APOLLO GLOBAL MANAGEMENT has approached TEGNA about the possibility of APOLLO acquiring the former GANNETT television division and rolling it together with COX MEDIA GROUP, which is being acquired separately by APOLLO.

The JOURNAL reports that APOLLO approached TEGNA about a deal at the beginning of the year and then again in a formal letter to TEGNA's board in FEBRUARY. The deal would add TEGNA's TV stations and its radio properties, News-Talk KFMB-A and Rock KFMB-F/SAN DIEGO and Sports WBNS-F (97.1 THE FAN) and Sports WBNS-A (ESPN 1460)/COLUMBUS, OH, to COX MEDIA GROUP's roster, which is also adding another APOLLO acquisition, NORTHWEST BROADCASTING's TV station group.

TEGNA's market value stands at about $3 billion. Neither APOLLO nor TEGNA commented to the JOURNAL on the story.

« see more Net News