Trinity Broadcasting, investment firm make offer for Tegna

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Investment firm Najafi and Trinity Broadcasting Network have announced an offer to purchase Tegna.

Under the proposal, Najafi and Trinity said that should the offer be accepted, they would form a separate entity that would, in turn, acquire Tegna. This new company would be privately held and also pull Tegna from being a publicly traded company.

Najafi and Trinity offered $20 per share, which would value Tegna at approximately $4.4 billion.

Trinity is a major faith based broadcaster.

Tegna, meanwhile, is one of the country’s largest TV station owners. It was formed after Gannett split its TV and print assets in 2015.

At the time, the print company retained the name Gannett while the broadcast division took on the made up name of Tegna even though Tegna was technically the direct predecessor to the “old Gannett.”

Meanwhile, Gray Television reportedly withdrew an offer to acquire Tegna amid worries about how a coronavirus economy could affect local TV station operators.

Byron Allen and Apollo Global Management also put in an offer for Tegna, also reportedly about $20 per share and negotiations are ongoing.