So there are a few new details today from Broadcasting + Cable. It appears that Apollo won't be involved beyond the Texas and Boston station transactions. From B&C:
"Originally, Standard General planned to acquire Tegna in partnership with Apollo Global Management. That deal proved too complicated and it was decided that Standard General go it alone partly to smooth the regulatory review process."
Apparently the money from the Texas cluster was the financial kickstart for Standard to go it alone. With Apollo not involved in ownership, that would seem to eliminate the ownership conflict many folks are speaking out against.
Unlike TEGNA's current structure, the new company will be private.
Lastly, I originally found the whole WFXT transaction odd. But the NY Post (surprisingly) cleared it up for me. It is all about retransmission money. Cox gets higher retransmission fees so by owning just one current Cox station, the new TEGNA can charge a higher retrans rate for the entire group. Plus, Cox unloads an underperforming station. So now that part makes sense.