Standard General’s acquisition of TEGNA (TGNA) was terminated last week after succumbing to an entire year of regulatory hurdles.
The bidding for TEGNA began way back in 2019 when Apollo Global Management (APO) approached the company to bulk up its ownership of television stations. This was followed by TV station operator Gray Television (GTN) making an offer to acquire TEGNA for approximately $8.5 billion. In September 2021, the company received takeover interest from media mogul Byron Allen and private equity giant Apollo Global Management.
TEGNA entered into an agreement to be acquired by Standard General in February 2022. The regulatory hurdles preventing the deal to close, began in May last year.
Timeline of the Regulatory Issues
May 11, 2022: TEGNA and Standard General received a request for additional information and documentary material from the DOJ.