As Tegna — the Tysons, Va-based spinout of Gannett that owns 64 local television stations — evaluates takeover offers from media mogul Byron Allen and private equity firm Apollo Global Management, its former parent company Gannett announced on Monday a major debt financing deal with one of the bidders, Apollo, reports Potomac Tech Wire.

The Gannett deal is for $550 million and will be used to refinance existing debt of Gannett. It is unclear how the two moves — a bid for Tegna and debt-refinancing package for Gannett — could influence the outcome of Apollo’s bid. Bloomberg News reported last week that Allen, who unsuccessfully tried to acquire Tegna in early 2020, teamed up with Ares Management Corp to offer $23 per share for the company. Apollo also has teamed with Standard General to offer $22 a share, according to The New York Post. Tegna plans to sell itself through a formal auction, with the help of investment bank JPMorgan.

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