Giant Broadcaster Tegna Bought To Same old Common – Closing date


Giant publicly-traded broadcaster Tegna, which has been in play for months, agreed to promote itself to Same old Common and buyers led through Apollo World Control and its Cox Media Staff.

It’s a money deal for $24 a proportion. That involves an fairness price of $5.4 billion, or $8.6 billion together with the idea of debt.

The cost reps a 39% top rate to the place Tegna’s inventory closed on Sept. 14, 2021 – lookback the corporate stated displays its closing complete day of buying and selling earlier than hypothesis started to pop a couple of doable sale, with Bryon Allen and different PE corporations amongst doable suitors. It additionally reps a top rate of eleven% to Tegna’s all-time last top since splitting off from the Gannett publishing trade in 2015.

The deal used to be unanimously licensed through Tegna’s board. Shareholders will have to additionally vote and the deal is predicted to near in the second one part of 2022. Tegna, these days indexed at the NYSE, will cross personal.

At shut, Deb McDermott, CEO of Same old Media will likely be CEO, changing Dave Lougee. McDermott these days serves as CEO of Same old Media. She used to be prior to now COO of Media Common and CEO of Younger Broadcasting.

Soo Kim, founding spouse of Same old Common, will turn into chairman.

Following the shut of the transaction, Cox will gain Tegna stations in Austin (KVUE), Dallas (WFAA and KMPX) and Houston (KHOU and KTBU) from Same old Common. Tegna owns 64 stations in 51 markets, together with top-4 community associates within the height 25 markets. It owns multicast networks True Crime, Twist and Quest.

Tegna’s OTT promoting corporate Premion is predicted to function as a standalone trade majority owned through Cox Media Staff and Same old Common.

An associate of Same old Common will grasp considerably the entire balloting, not unusual fairness within the new entity this is obtaining Tenga, with CMG and budget controlled through associates of Apollo World Control to carry securities within the new entity that will likely be non-voting and non-attributable and with different buyers maintaining non-voting pursuits.

A syndicate of banks led through RBC Capital Markets will supply debt financing.

J.P. Morgan Securities is performing lead monetary marketing consultant with Greenhill & Co. additionally to Tegan. Wachtell Lipton Rosen & Katz and Covington & Burling are prison advisors. Moelis & Corporate and RBC are monetary marketing consultant to Same old Common with Fried Frank Harris Shriver & Jacobson LLP and Pillsbury Winthrop Shaw Pittman LLP as prison advisors.



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