According to Reuters, TEGNA (TGNA) approached by Gray Television (GTN)

POTENTIAL DEAL DETAILS

U.S. regional TV station operator Gray Television Inc (GTN) has made an offer to acquire larger peer Tegna Inc (TGNA) for approximately $8.5 billion, including debt, people familiar with the matter said on Friday.

Update(s):

March 11, 2020: Budding media mogul Byron Allen has made a bid for broadcaster Tegna Inc. (TGNA) that values the owner of 62 local television stations at $4.4 billion, a person familiar with the matter said.

March 17, 2020: The Najafi Companies, a private global investment firm, and Trinity Broadcasting Network, the world’s largest and most watched faith-and-family broadcaster based in Fort Worth, TX, announced today the delivery of an offer to Tegna Inc.’s (TGNA) board of directors to jointly acquire the U.S. broadcast, digital media and marketing services company and take it under private ownership.

March 17, 2020:  Gray Television Inc (GTN) has withdrawn its offer to acquire larger peer Tegna Inc (TGNA) because of concerns about the impact of the coronavirus outbreak on U.S. regional TV station operators, people familiar with the matter said on Tuesday.

March 29, 2020: TEGNA Inc. (TGNA) today reported on recent acquisition approaches. As has been widely reported, TEGNA has received four unsolicited acquisition proposals in recent weeks. TEGNA and its advisors engaged substantially with two of these parties and provided them extensive non-public due diligence information. 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. The other two parties have not signed confidentiality agreements to enable due diligence and have not delivered any information on financing sources.

March 30, 2020: Shares of Tegna Inc. (TGNA) 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.

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