Tegna Inc (TGNA)

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Byron Allen Raises $10 Bln for Tegna Bid - Reuters
1:53 pm ET November 5, 2021 (Dow Jones) Print

--Media entrepreneur Byron Allen has raised $10 billion for his bid for U.S. regional TV station operator Tegna Inc. in an effort to beat a rival offer from Apollo Global Management Inc. and Standard General LP, Reuters reported Friday, citing unnamed poeple familiar with the matter.

--The preferred equity and debt financing is backed by a consortium of 14 banks and 10 investors, including Ares Management Corp., Fortress Investment Group, Oaktree Capital Management and Michael Milken's family office, Reuters reported.

--Mr. Allen, who acquired the Weather Channel TV network in 2018, made a $23-a-share offer for Tegna in September and Apollo and Standard General have offered $22 a share, Reuters cited the people familiar with the matter as saying.

--Spokespeople for Tegna, Apollo, Oaktree and Michael Milken declined to comment, Reuters reported.


Full article: https://www.reuters.com/business/media-telecom/media-mogul-byron-allen-raises-10-billion-tegna-bid-debt-refinancing-sources-2021-11-05/