Standard General to acquire Tegna
By MYBRANDBOOK
Tegna, the US broadcast, digital media and marketing services company headquartered in Virginia, and an affiliate of Standard General, have entered into a definitive agreement under which it will be acquired by the Standard General affiliate for $24 per share in cash.
The transaction has an equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt. The deal is expected to close in the second half of the year.
Soo Kim, Founding Partner of Standard General, commented, “We are excited to partner again with Deb McDermott, who previously spearheaded the broadcast group at Media General, where Standard General was a principal shareholder. We believe Tegna has a strong foundation and exciting prospects for continued growth as a result of the stewardship of the Board and the current management team. We look forward to building on the Company’s strong foundation and leveraging Deb’s deep industry experience to drive further growth.”
McDermott said, “I am honoured to lead Tegna’s team to create new opportunities and build on its heritage and successes achieved under Dave’s leadership. Tegna’s stations have earned excellent reputations as leading local content providers, and Tegna’s digital and content assets are a key part of its future in an evolving media landscape. These achievements are a credit to the hard work of Tegna’s dedicated employees, who are the Company’s most valuable asset.”
Following the close of the transaction, McDermott will become CEO and Soo Kim will serve as Chairman of a new Board. McDermott currently serves as CEO of Standard Media and has more than 20 years of experience leading broadcast groups, including previously serving as COO of Media General and as CEO and President of Young Broadcasting.
Dave Lougee, President and CEO of Tegna, said, “This transaction is the next step in Tegna’s evolution and recognises the value of our portfolio of leading broadcast assets and innovative digital brands. We are deeply gratified that Tegna’s new owners value and embrace our purpose to serve the greater good of our communities. Deb McDermott is an experienced and accomplished broadcast executive, and we are confident in Tegna’s future under her leadership.”
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