Tegna receives counter-offers to purchase

After Friday’s surprise bid by Gray Television to purchase much larger Tegna Inc., Apollo Global management reaffirmed it’s purchase offer to the company, and is prepared to offer $20 per share, but its bid would be all-cash.  Last year, Apollo acquired Cox Media for a price of $3 million including debt.  Tegna is prepared to consider these offers as there is also a chance that Standard Media which is run by Soo Kim has been kicking the tires on Tegna and the Tegna suits have been worried about him trying a hostile takeover of the company.  Tegna would rather make a deal then get taken over.  Any ownership changes will affect operations in our market at KING-TV &  KONG-TV.  Any purchase deals will have to be cleared first by the FCC & Dept. of Justice.