Byron Allen has reportedly made an all-cash bid for Tegna -- one of three buyers trying to land the Tysons, Virginia-based broadcaster, according to Deadline.
The publication reports that Allen’s Allen Media Group offered $20 a share, or about $8.5 billion, the source said. Gray Television also made an offer last week for $20 a share but in a combination of cash and stock.
A spokesman for Tegna said, “Tegna’s policy is not to comment on market rumors.”
Allen Media currently owns 15 television stations in 11 markets, acquiring most of them last month from USA TV for $305 million.
“Over the past six months we’ve invested nearly $500 million to acquire best-in-class, top-tier, broadcast network affiliates,” Allen said at the time. “We plan to invest approximately $10 billion to acquire ABC, CBS, NBC and Fox television stations over the next three years with the goal of being one of the largest broadcast television groups in America.”
Allen also owns the Weather Channel.
“We understand from media reports that TEGNA has received multiple offers from credible buyers. We believe that the Tegna Board, with the assistance of independent advisors, needs to run a full and fair process to explore all alternatives to maximize value for all shareholders,” said Soo Kim, Standard General’s founding partner.
“We also understand that these proposals involve both cash and stock and all cash offers, and it is essential that the Tegna Board carefully evaluate the benefits and risks of all available alternatives. We stand ready to work with Tegna to help thoughtfully evaluate these proposals.”