dman748 1256 Posted February 22, 2022 Share Posted February 22, 2022 Bloomberg is now reporting that Standard/Apollo are nearly a deal to buy Tegna for $24-a-share What's interesting is that what's included is that the shares will increase if the regulatory approval takes a long (and I mean a long) time to approve (which is a possibility). A deal could be announced as soon as later this morning. 3 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/ Share on other sites More sharing options...
ABC 7 Denver 1717 Posted February 22, 2022 Share Posted February 22, 2022 2 hours ago, dman748 said: Bloomberg is now reporting that Standard/Apollo are nearly a deal to buy Tegna for $24-a-share What's interesting is that what's included is that the shares will increase if the regulatory approval takes a long (and I mean a long) time to approve (which is a possibility). A deal could be announced as soon as later this morning. And then let the gutting begin. Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270454 Share on other sites More sharing options...
Yankees4life 559 Posted February 22, 2022 Share Posted February 22, 2022 3 hours ago, dman748 said: Bloomberg is now reporting that Standard/Apollo are nearly a deal to buy Tegna for $24-a-share What's interesting is that what's included is that the shares will increase if the regulatory approval takes a long (and I mean a long) time to approve (which is a possibility). A deal could be announced as soon as later this morning. WHOA. Didn't see Standard in the mix. Looks like Kim always get his man (or company). It's gonna be interesting to see how two hedge funds run these stations... Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270455 Share on other sites More sharing options...
Kenneth Kissel 283 Posted February 22, 2022 Share Posted February 22, 2022 (edited) It's official now. https://www.tegna.com/tegna-to-be-acquired-by-standard-general-for-24-00-per-share/ Edited February 22, 2022 by Kenneth Kissel 3 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270458 Share on other sites More sharing options...
Georgie56 3307 Posted February 22, 2022 Share Posted February 22, 2022 Cox will acquire WFAA/KMPX, KVUE, and KHOU/KTBU from TEGNA. 2 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270459 Share on other sites More sharing options...
Kenneth Kissel 283 Posted February 22, 2022 Share Posted February 22, 2022 4 minutes ago, Georgie56 said: Cox will acquire WFAA/KMPX, KVUE, and KHOU/KTBU from TEGNA. I'm surprised there wasn't more in addition to this. There are still conflicts in Atlanta, Jacksonville, Charlotte, Seattle, and others. 1 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270460 Share on other sites More sharing options...
MidwestTV 1232 Posted February 22, 2022 Share Posted February 22, 2022 2 hours ago, Yankees4life said: WHOA. Didn't see Standard in the mix. Looks like Kim always get his man (or company). It's gonna be interesting to see how two hedge funds run these stations... Where have you been? Standard had been the front runner for months. 4 1 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270461 Share on other sites More sharing options...
CubsFan79 58 Posted February 22, 2022 Share Posted February 22, 2022 Will this effect WTLV/WJXX and CBS/FOX TV in Jacksonville. Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270463 Share on other sites More sharing options...
dman748 1256 Posted February 22, 2022 Author Share Posted February 22, 2022 1 hour ago, CubsFan79 said: Will this effect WTLV/WJXX and CBS/FOX TV in Jacksonville. For the moment, no. Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270464 Share on other sites More sharing options...
carolinanews4 377 Posted February 22, 2022 Share Posted February 22, 2022 1 hour ago, Kenneth Kissel said: I'm surprised there wasn't more in addition to this. There are still conflicts in Atlanta, Jacksonville, Charlotte, Seattle, and others. There aren't conflicts as Cox Media Group and Standard Media Group are not merging into one company. Yes, it is a bit muddy consider that Apollo will be a banker for each (a non-voting, non-controlling part in the case of Standard General which is the private equity firm that owns Standard Media Group). Since technically CMG and SMG are two separate broadcasting companies there's no need to spin anything off at this time. So in Atlanta CMG will continue to own WSB while Standard will own WXIA/WATL. Interestingly enough there are some swaps in this deal. They don't seem to be included to jump over regulatory hurdles so I find them curious. Cox Media Group acquires Tegna's major market stations in Texas Standard Media Group acquires WFXT Boston CMG acquires current SMG stations WLNE Providence, KLKN Lincoln, KBSI Cape Girardeau, and WDKA Paducah And at least one division will be spun off. Premion, Tegna's OTT sales arm, will become a stand-alone company. 3 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270465 Share on other sites More sharing options...
NowBergen 684 Posted February 22, 2022 Share Posted February 22, 2022 9 minutes ago, carolinanews4 said: There aren't conflicts as Cox Media Group and Standard Media Group are not merging into one company. Yes, it is a bit muddy consider that Apollo will be a banker for each (a non-voting, non-controlling part in the case of Standard General which is the private equity firm that owns Standard Media Group). Since technically CMG and SMG are two separate broadcasting companies there's no need to spin anything off at this time. So in Atlanta CMG will continue to own WSB while Standard will own WXIA/WATL. Interestingly enough there are some swaps in this deal. They don't seem to be included to jump over regulatory hurdles so I find them curious. Cox Media Group acquires Tegna's major market stations in Texas Standard Media Group acquires WFXT Boston CMG acquires current SMG stations WLNE Providence, KLKN Lincoln, KBSI Cape Girardeau, and WDKA Paducah And at least one division will be spun off. Premion, Tegna's OTT sales arm, will become a stand-alone company. Permian evidently will be a JV owned by both companies. Interesting that current Standard Media stations like WLNE will go to Cox. I would have thought that if SM is acquiring WFXT, then there could be efficiencies in some operations between them and WLNE being in adjacent markets 45 miles apart. Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270467 Share on other sites More sharing options...
Rusty Muck 4378 Posted February 22, 2022 Share Posted February 22, 2022 The marketplace has clearly collapsed when two private equity vultures are attempting to pick apart a company too big to fail like this. It's an atrocious deal that'll set back local news in a time when they can't afford to. Soo Kim and Apollo are buying Tegna merely to gut it, starve it, then break it up. 11 1 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270469 Share on other sites More sharing options...
GoldenShine9 1513 Posted February 22, 2022 Share Posted February 22, 2022 (edited) This whole thing looks like something that will not stand up. First, there is no way they will be allowed to control 2 top-4 stations in several markets - nor control both Cox and TEGNA. I think some of the stations in markets that both companies are in will have to be sold to other companies like Scripps or Gray. It also appears it will still be called TEGNA after the deal is complete though. Edited February 22, 2022 by GoldenShine9 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270470 Share on other sites More sharing options...
WAVY 10 Fan 233 Posted February 22, 2022 Share Posted February 22, 2022 Oh, this is going to be very interesting to see how things end up once the dust settles (which sounds like it's going to take some time to do) Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270471 Share on other sites More sharing options...
GoldenShine9 1513 Posted February 22, 2022 Share Posted February 22, 2022 35 minutes ago, Myron Falwell said: The marketplace has clearly collapsed when two private equity vultures are attempting to pick apart a company too big to fail like this. It's an atrocious deal that'll set back local news in a time when they can't afford to. Soo Kim and Apollo are buying Tegna merely to gut it, starve it, then break it up. In Atlanta, I'm sure there are a lot of happy faces at Fox 5. 1 1 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270472 Share on other sites More sharing options...
Rusty Muck 4378 Posted February 22, 2022 Share Posted February 22, 2022 2 minutes ago, GoldenShine9 said: In Atlanta, I'm sure there are a lot of happy faces at Fox 5. I can absolutely see Hilton Howell hiring Dave Lougee the second Soo throws him overboard. 2 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270474 Share on other sites More sharing options...
mre29 1537 Posted February 22, 2022 Share Posted February 22, 2022 Okay, I'm confused. Soo Kim and Standard General aren't Apollo, right? But Apollo's still involved? And what's the point in WFAA, KVUE, and KHOU going to Cox? Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270476 Share on other sites More sharing options...
TexasTVNews 1377 Posted February 22, 2022 Share Posted February 22, 2022 I'm disappointed that AMG lost the bid to get Tegna, but I'm happy that WFAA, KHOU, KVUE, and WLNE will be part of Cox Media Group. IMO, I'm not happy that the rest of the Texas Tegna stations are not going to be part of CMG. 1 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270477 Share on other sites More sharing options...
GoldenShine9 1513 Posted February 22, 2022 Share Posted February 22, 2022 1 minute ago, mre29 said: Okay, I'm confused. Soo Kim and Standard General aren't Apollo, right? But Apollo's still involved? And what's the point in WFAA, KVUE, and KHOU going to Cox? It's very puzzling. 1 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270478 Share on other sites More sharing options...
Rusty Muck 4378 Posted February 22, 2022 Share Posted February 22, 2022 Just now, mre29 said: Okay, I'm confused. Soo Kim and Standard General aren't Apollo, right? But Apollo's still involved? And what's the point in WFAA, KVUE, and KHOU going to Cox? Standard General can't afford to buy Tegna on their own, so Apollo is allegedly a silent partner with no voting stock (*SNERK*). These station trades are proof of this; Apollo and Standard are simply picking the company apart just to buy it. Nevermind that Byron Allen offered significantly more for Tegna and was rejected. 6 2 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270480 Share on other sites More sharing options...
mre29 1537 Posted February 22, 2022 Share Posted February 22, 2022 3 minutes ago, Myron Falwell said: Standard General can't afford to buy Tegna on their own, so Apollo is allegedly a silent partner with no voting stock (*SNERK*). These station trades are proof of this; Apollo and Standard are simply picking the company apart just to buy it. Nevermind that Byron Allen offered significantly more for Tegna and was rejected. Well, let's hope the FCC at least requires divestitures in markets where both Cox and Tegna have stations. 2 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270481 Share on other sites More sharing options...
Rusty Muck 4378 Posted February 22, 2022 Share Posted February 22, 2022 Just now, mre29 said: Well, let's hope the FCC at least requires divestitures in markets where both Cox and Tegna have stations. The DOJ and FCC should be rejecting this deal outright. It's an atrociously structured deal that benefits no one but the stockholders at Apollo and Standard General. It will cripple local news in a way we haven't seen in a long time. It's also the logical end result of the M&A mania of the past few years, where there's no one left to buy stations but private equity vultures. (BTW, the Federal Reserve is raising interest rates today, so this was filed right at the deadline.) 3 3 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270482 Share on other sites More sharing options...
mre29 1537 Posted February 22, 2022 Share Posted February 22, 2022 15 minutes ago, Myron Falwell said: The DOJ and FCC should be rejecting this deal outright. It's an atrociously structured deal that benefits no one but the stockholders at Apollo and Standard General. It will cripple local news in a way we haven't seen in a long time. Well, yes. But if the FCC does approve it, it should be with a requirement to divest stations in (going off the top of my head) Atlanta, Charlotte, Jacksonville, Memphis, and Seattle. 4 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270483 Share on other sites More sharing options...
Nelson R. 569 Posted February 22, 2022 Share Posted February 22, 2022 2 minutes ago, mre29 said: Well, yes. But if the FCC does approve it, it should be with a requirement to divest stations in (going off the top of my head) Atlanta, Charlotte, Jacksonville, Memphis, and Seattle. 26 minutes ago, mre29 said: Well, let's hope the FCC at least requires divestitures in markets where both Cox and Tegna have stations. So far it appears the Tegna stations not going to Cox are going to go to Standard General. 1 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270484 Share on other sites More sharing options...
Rusty Muck 4378 Posted February 22, 2022 Share Posted February 22, 2022 1 minute ago, Nelson R. said: So far it appears the Tegna stations not going to Cox are going to go to Standard General. The claim made in this filing is that both companies are going to be independent of each other and that Apollo's stake in Tegna is not of importance because they'll not be holding any voting stock. I don't believe it for a second. 5 Link to comment https://localnewstalk.net/topic/18752-standard-general-to-acquire-tegna-for-86-billion/#findComment-270486 Share on other sites More sharing options...
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