Tegna Inc. and Standard General L.P. announced that Tegna and an affiliate of Standard General have entered into a definitive agreement under which Tegna will be acquired for $24 per share in cash. The transaction has an equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt, reports TVNewser.

Tegna, based in Tysons, VA,  owns WUSA9 in D.C. and other media outlets nationwide.

According to Wikipedia, Tegna Inc.  is an American publicly traded broadcast, digital media and marketing services company created on June 29, 2015, when the Gannett Company split into two publicly traded companies. Tegna comprised the more profitable broadcast television and digital media divisions of the old Gannett, while Gannett’s publishing interests were spun off as a “new” company that retained the Gannett name. Tegna owns or operates 66 television stations in 54 markets, and holds properties in digital media.

Dave Lougee, president and CEO of Tegna, said: “This transaction is the next step in Tegna’s evolution and recognizes the value of our portfolio of leading broadcast assets and innovative digital brands. Tegna’s employees deserve tremendous credit for their commitment to serving our viewers with high-quality news and content that informs and supports our local communities. At all levels, we have been tireless in our efforts to ensure Tegna effectively serves all of our stakeholders, and I am immensely proud of these efforts.