Apollo-Tegna Tango Continues

• This is interesting — in an apparent (and corporately vague) response to last Friday’s Wall Street Journal story, Tegna released a statement confirming that it had indeed been contacted earlier this year by private equity fund Apollo Global Management LLC with regard to acquiring Tegna’s television stations to join its Cox Media Group properties.

The statement read, “Tegna today confirmed it received a letter from Apollo in late February, 2019, stating that Apollo was interested in acquiring Tegna without specifying a price. Subsequently, in June 2019, Apollo made a different proposal, to combine Tegna with broadcasting assets Apollo is in the process of buying, in a transaction that would not have constituted a change of control of Tegna. Tegna does not intend to update this disclosure.” So there you have it… whatever that is.