U.S. regional TV station operator Tegna Inc will be acquired by an affiliate of shareholder Standard General for $5.4 billion in an all-cash deal.
The $24 per share offer is at a premium of about 15% to Tegna’s closing price on Friday. Tegna’s shares were up about 8% before the opening bell.
Standard General owns about 4.8% of Tegna, making it the fourth-largest shareholder, according to Refinitiv data.
Following the close of the transaction, Tegna’s stations in Austin, Dallas and Houston are expected to be acquired by Cox Media Group from Standard General.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri)
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