Byron Allen Bids To Buy TEGNA

[Colorado Media Newsroom]

From All Access:

Comedian-turned-media mogul BYRON ALLEN has entered the competition for TEGNA, submitting a $20 per share bid for the former GANNETT television division (which includes Denver KUSA Channel 9), reports THE WALL STREET JOURNAL.

The offer by the owner of ENTERTAINMENT STUDIOS and ALLEN MEDIA GROUP, which owns 15 TV stations, THE WEATHER CHANNEL, and a suite of cable TV networks, joins bids by APOLLO GLOBAL MANAGEMENT and GRAY TELEVISION at the same share price, although GRAY's offer includes stock. The three bids come as STANDARD GENERAL, 9% owner of TEGNA, continues its march towards a proxy fight with the nomination of five director candidates for TEGNA's board.

TEGNA owns Sports WBNS-F (97.1 THE FAN) and Sports WBNS-A (ESPN 1460)/COLUMBUS and is still awaiting closing on a deal to sell Adult Hits KFMB-F (100.7 SAN DIEGO) and News-Talk KFMB-A/SAN DIEGO to LOCAL MEDIA.

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