By: Economic & Finance Report
Tegna Inc (TGNA) may soon be acquired by Weather Channel honcho Byron Allen. Tegna which was formerly owned by Gannet Inc (GNI), may be bought by Byron and his partners at around the $8 billion dollar figure range. TGNA owns 64 radio and tv stations that span over 50 US markets.
Allen Media Group already has over 33 network media stations. Allen Media Group which is owned by Byron Allen is co investing for Tegna with Fortress Investment Group, Oaktree Capital, and Ares Management. They are seeking a big viable stake in Tegna, to go along taking the debt risk in the acquisition. Mr. Allen has indicated he must main majority control in the acquisition though. -SB
Image: Variety