Tegna appears with antitrust concerns over the possible buyout bid
In a public sale of Tegna, the TV-station empire has been put into doubt. The company has asked whether or not a potential sale to a number one bidder would deal with antitrust concerns from US regulators. The Post has been discovered.
The broadcasting company spun off from Gannett in 2015 as a separate and publicly traded company. It now operates 64 TV stations and two radio stations throughout 54 US markets. It has acquired buyout proposals. Now it is deliberate in reviewing them.
Tegan has not begun any negotiations with a key bidding bloc that comes with hedge fund Standard General and buyout agency Apollo Global Management and two sources near the start of functions. It is regardless of the Standard General and Apollo that is expressing a willingness to extend their $22 share. It is presently valuing the company at upwards of$4.8 billion.
Tegan is asking Standard General and Apollo questions about whether their bid can stand up to antitrust concerns from the Federal Communication Commission. There is a 50-70% chance for a delay to happen.
This possible stumbling block came out amidst the rocky hospital, past between Tegan and Standard General. Earlier this year, Standard General had launched an unsuccessful proxy contest to oust its Chief Executive David Lougee.
Kim, who has pointed out the allegations of discrimination and racial bias, has no intention to maintain with Lougee if he buys the company. Standard General could be controlling the proprietor for the brand new Tegna.
Tegan has also invited Standard General and Apollo in addition to Byron Allen. Ares Management will review its confidential monetary info. Tegna has received Standard General to signal a settlement. It could not have any interaction in one other proxy contest for more than a year.
As for the antitrust concerns, the FCC’s nationwide media possession rule prevents any kind of entity from owning business TV stations that attain more than 39 p.c of US tv.
The proposed buy court would exceed the quantity. The suitors have declared that they are not planning to roll most of their present stations into the post-Tegna company. Shares of Tegna had closed at $21.01 on Wednesday, which is up from $17.52 from earlier this month’s sale report.