TEGNA Riding the Election Wave – C-Suite Transitions
July 18, 2024
Market Cap: $2.72B
Enterprise Value: $5.49B
Key Insights
TEGNA is a media company that owns 64 television stations and reached 39% of U.S. television households.
The company benefits from increased spending during election years and especially during the presidential election cycle.
TEGNA has been a hot target, with multiple bidders vying for the company. Media mogul Byron Allen, private equity firm Apollo Global Management, and a strategic acquirer like Gray Television showed interest with undisclosed bids. The winner was Standard General with a $24 per share all-cash offer, valuing TEGNA at $5.4 billion.
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