Tegna Confirms Getting Interest in Deals from Apollo

Apollo would combine Tegna with other broadcast assets
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Tegna said it has received two offers to do a deal from Apollo Global Management, which is in the process of buying the Cox TV stations.

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In a statement Wednesday, Tegna said it received a letter from Apollo in late February saying Apollo was interested in acquiring Tegna. The letter had no pricing information, Tegna said.

In June, Tegna received a different proposal from Apollo that said it would combine Tegna with other broadcast assets Apollo was in the process of buying. Tegna said that transaction would not have constituted a change of control for Tegna.

Tegna said it does not intend to update its disclosure.

Tegna shares rose earlier this week after a report in the Wall Street Journal on Apollo’s interest in Tegna. Tegna shares were down 5% in early trading Wednesday.

Related: Proposed Apollo TV Station Purchases Face Tough Opposition

Cox Enterprises agreed to sell a majority interest in Cox Media Group to Apollo Global Management in June. Cox Media Group owns 13 TV stations and other assets.

Published reports put the value of the deal at about $3 billion. 

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