TGNA - TEGNA Inc.

NYSE - NYSE Delayed price. Currency in USD
10.68
+0.56 (+5.53%)
At close: 4:02PM EDT
Stock chart is not supported by your current browser
Previous close10.12
Open10.29
Bid10.70 x 800
Ask13.00 x 2200
Day's range10.24 - 10.88
52-week range9.61 - 18.31
Volume2,915,488
Avg. volume3,646,926
Market cap2.332B
Beta (5Y monthly)1.59
PE ratio (TTM)8.15
EPS (TTM)1.31
Earnings date06 May 2020 - 10 May 2020
Forward dividend & yield0.28 (2.77%)
Ex-dividend date04 Mar 2020
1y target est16.71
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  • Tegna Falls Most Since 2008 After Apollo Is Said to End Talks
    Bloomberg

    Tegna Falls Most Since 2008 After Apollo Is Said to End Talks

    (Bloomberg) -- Shares of Tegna Inc. fell the most since November 2008 on Monday after Apollo Global Management Inc. ended its pursuit of the broadcaster, the second suitor to withdraw an offer during the turmoil in global markets.Tegna fell as much as 27% to $9.61 in New York, valuing the company at about $2.1 billion.Apollo on Friday informed Tegna that it would be putting its pencils down on any potential transaction due to the market meltdown caused by the Covid-19 pandemic, according to a person with knowledge of the matter who asked not to be identified as the discussions are private.Apollo’s move follows a similar decision by rival suitor Gray Television Inc. earlier this month. Both Gray and Apollo had separately been working with Tegna and its advisers on due diligence for a potential takeover after submitting offers.“These two parties made their proposals shortly before the recent market dislocation due to the Covid-19 pandemic and both subsequently informed Tegna that they were ceasing discussions,” Tegna said in a statement Sunday.The other two bidders that expressed interest in purchasing Tegna were TV producer Byron Allen and a consortium of Najafi Cos. and Trinity Broadcasting Network. These two parties “have not signed confidentiality agreements to enable due diligence and have not delivered any information on financing sources,” Tegna said.Tegna chairman Howard Elias said the company had meaningfully engaged with third parties to explore opportunities to create value.“The board has been, and remains, willing to consider transactions that create compelling value, and our focus now is on helping management navigate through an unprecedented environment,” he said.Tegna, which owns 62 TV stations in 51 U.S. markets, has been the target of activist investors Standard General LP and Donerail Group in recent months, which both pushed the company to explore a sale. The company in February rejected all four director nominees put forward by Standard General, its third-largest holder with about a 9.7% stake. It has nominated a fifth director.“This board has created arbitrary deadlines and unnecessary preconditions,” Soo Kim, founding partner of Standard General, said in a statement. “The board’s actions appear designed to end this process before it can even begin in earnest.”A representative for Apollo declined to comment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

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  • Hedge Fund and Religious Broadcaster Team Up to Make Offer for Tegna
    Bloomberg

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    (Bloomberg) -- The contest to acquire Tegna Inc. is heating up again.Najafi Cos., a private equity firm, is teaming up with Trinity Broadcasting Network, which calls itself the world’s largest faith-based broadcaster, to make a bid for the TV-station owner. They’re offering about $20 a share in cash for Tegna, according to a statement from the suitors on Tuesday.The surprise announcement sent shares of Tegna up 19% to $18 in late trading on Tuesday. They had been battered by the broader rout in recent days, pushing the stock far below a potential deal price.The new would-be acquirers are vying with Apollo Global Management Inc. and TV producer Byron Allen, who have made their own bids of similar amounts, valuing Tegna at about $8.5 billion, including debt. Gray Television Inc., meanwhile, has dropped out of the bidding, people familiar with the matter said earlier on Tuesday.Najafi and Trinity are creating a new entity for the proposed takeover and said they would turn Tegna into a private company “free from the pressures of managing short-term public shareholder objectives.”Gray pulled out after the coronavirus outbreak roiled markets, Bloomberg reported earlier. The due-diligence process has been continuing with Apollo and Allen, a comedian-turned-entrepreneur who wants to use Tegna to help build a media empire.Apollo, a private equity giant, would likely have an edge in getting financing, especially in a market ravaged by Covid-19 fears. But Allen is pitching a plan to merge his existing businesses, which include 15 local TV stations and the Weather Channel cable network, into an entity called Allen Media.Until now, Allen’s deals have been smaller, including a $290 million acquisition of 11 stations from USA Television. He took part in Sinclair Broadcast Group Inc.’s $9.6 billion acquisition of the Fox regional sports networks from Walt Disney Co. last year, but as a minority investor.Tegna, the former TV-station arm of Gannett Co., was spun off in 2015 and retained the old Gannett’s trading history. It has about 60 TV stations in 51 U.S. markets, reaching about 38% of U.S. households. Gray has a similar business, operating local stations in 91 markets -- mainly in the South, Midwest and Southwest.Gray’s decision to drop its pursuit of Tegna was reported earlier by Reuters.Trinity said it reaches 175 countries around the world with inspirational programming 24 hours a day. Najafi, based in Phoenix, is a backer of the Phoenix Suns NBA team.Tegna has also been the target of activist investors. In February, it rejected all four director nominees put forward by Standard General LP, its third-largest holder with about a 9.7% stake. Standard General nominated the potential members in January after its calls for board representation and a strategic review hit an impasse.The investment firm said this month that it was ready to help Tegna evaluate takeover offers.“We believe that the Tegna board, with the assistance of independent advisers, needs to run a full and fair process to explore all alternatives to maximize value for all shareholders,” Standard General said in a statement. Donerail Group emerged in January as another activist holder in Tegna, pushing it to explore a sale.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Byron Allen Makes $8.5 Billion Offer for Tegna

    (Bloomberg) -- Comedian and TV producer Byron Allen has made a $20-a-share, all-cash offer for Tegna Inc. in a deal that values the TV station owner at $8.5 billion, including debt, according to a person familiar with the situation.The media mogul and on-air talent plans to merge his existing businesses, which include 15 local TV stations and the Weather Channel cable network, into an entity called Allen Media, according to the person, who asked not to be identified because the discussions were private.When combined, the Tegna and Allen businesses would have total cash flow of about $2 billion, the person said.Tegna declined to comment, citing a policy not to discuss market rumors. Shares in the company fell 1.6% as of 10:59 a.m. in New York, reversing a pre-market gain of as much as 8.9% Thursday morning before the market opened. Allen would be competing with a bid of about the same size from Gray Television Inc., but that deal includes stock and may require the divestiture of stations. Apollo Global Management Inc. has made its own roughly $8.5 billion cash offer.The question is whether Allen can challenge deep-pocketed bidders in his quest to grow his media empire. His deals so far have been smaller, including a $290 million acquisition of 11 stations from USA Television.He took part in Sinclair Broadcast Group Inc.’s $9.6 billion acquisition of the Fox regional sports networks from Walt Disney Co. last year, but as a minority investor.Tegna, the former TV-station arm of Gannett Co., was spun off in 2015 and retained the old Gannett’s trading history. It has about 60 TV stations in 51 U.S. markets, reaching about 38% of U.S. households. Gray operates local stations in 91 markets, mainly in the South, Midwest and Southwest, reaching about 24% of U.S. households.Activist InvestorsTegna has also been the target of activist investors in recent months. In February, it rejected all four director nominees put forward by Standard General LP, its third-largest holder at about 9.7%. Standard General nominated the potential members in January after its calls for board representation and a strategic review hit an impasse.The investment firm said last week that it was ready to help Tegna evaluate takeover offers.“We believe that the Tegna board, with the assistance of independent advisers, needs to run a full and fair process to explore all alternatives to maximize value for all shareholders,” Standard General said in a statement. “We also understand that these proposals involve both cash and stock and all cash offers, and it is essential that the Tegna board carefully evaluate the benefits and risks of all available alternatives.”Donerail Group emerged in January as another activist holder in Tegna, pushing it to explore a sale.(Adds shares in fourth paragraph, a previous update added Allen’s past deals starting in sixth paragraph)\--With assistance from Christopher Palmeri and Scott Deveau.To contact the reporter on this story: Kamaron Leach in New York at kleach6@bloomberg.netTo contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Scott SchnipperFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Reuters

    Exclusive: Gray Television in $8.5 billion bid to acquire Tegna - sources

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