Media mogul Byron Allen raises $10 billion for Tegna bid, debt refinancing -sources

[Steve Timko]

https://www.reuters.com/business/media-telecom/media-mogul-byron-allen-raises-10-billion-tegna-bid-debt-refinancing-sources-2021-11-05/ 

Tegna has fallen in hard  times. They were once part of Gannett. They spun off the TV stations and were looking for a suitor. 

No takers.

After the second failed marriage attempt, the Tegna boss said, in effect, We may be easy but we're not cheap.

[Steve Timko]

So apparently they didn't take Byron Allen's bid seriously. He showed no proof of having the money.

And a bid from another suitor hit a snag.

https://nypost.com/2021/12/10/tegnas-talks-to-sell-tv-empire-for-8-4-billion-hits-roadblock/

[Steve Timko]

Tegna finally sold. Cox will take over a handful of stations.

https://www.poynter.org/business-work/2022/tegna-standard-general-sale-local-tv/

I loved this:

Kim also was publicly critical of Tegna giving CEO Dave Lougee a 16% pay raise — raising his base compensation to $6.7 million — while the company’s stock prices dropped and Tegna furloughed and cut pay for employees.

[Bob Jersey]

But the NY Post (link) noted that the Feds might not look past the fact that combined ownership would exceed the 39% threshold.     B

Steve Timko, Feb 23rd: