Investment firm Standard General has struck a deal to purchase TV broadcaster Tegna Inc. for $24 per share in cash, the companies announced Tuesday. That’s approximately $5.4 billion total, and rises to $8.6 billion when including the assumption of debt.
The transaction, which marks the end of years-long attempts by multiple potential buyers to acquire Tegna — which owns 64 stations throughout the U.S., as well as the True Crime Network — is subject to shareholder and regulatory approvals, and other customary closing conditions, and is expected to close in the second half of 2022. Should the deal take longer to close than expected, Standard General has agreed to pay an additional 5 cents per share per month if the closing occurs between the 9th and 12th month anniversary of signing, increasing to 12.5 cents per month by 14-15 months out.
Once the deal has closed, Deb…
