Tegna gets $8 billion bid from Apollo-Standard General

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Apollo Global Management and Standard General have joined forced to offer $8 billion for local TV station group Tegna.

Such a takeover could join the stations Apollo acquired when it bought a majority stake in Cox Media Group in 2019.

Standard General, meanwhile, has owned a small group of TV stations in the past, most of which are now owned by Sinclair.

Tegna was spun off from Gannett back in 2015 and operates 65 TV stations in 54 markets, along with two radio stations.

The New York Post also reported that Byron Allen, who owns The Weather Channel, Local Now and other media properties, has also been eyeing Tegna as a way to expand his empire.