Byron Allen Puts In $8.5B All-Cash Bid To Acquire Tegna

Isheka N. Harrison
Written by Isheka N. Harrison
Byron Allen
Byron Allen puts in $8.5B all-cash bid to acquire Tegna, one of the largest owners of broadcast television stations, at a rate of $20 per share. In this photo, Allen, CEO and Chairman of Entertainment Studios, seen at Entertainment Studios Motion Pictures “47 Meters Down” Los Angeles Premiere at Regency Village Theatre on Monday, June 12, 2017, in Los Angeles. (Photo by Eric Charbonneau/Invision for Entertainment Studios Motion Pictures/AP Images)

After purchasing 11 TV stations last month, media mogul Byron Allen isn’t slowing down on his quest for his company to become the biggest broadcast TV group in the country. The owner of Entertainment Studios Networks and Allen Media Group made an $8.5 billion all-cash offer to purchase Tegna, Deadline reported.

At a rate of $20 per share, Allen’s company is said to be one of three vying for the acquisition. Its competitors are Gray Television and Apollo Global Management.

Allen Media Group already owns 15 stations including The Weather Channel, The Grio and the Fox Regional Sports Networks, which Allen purchased with partner Sinclair.

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Allen’s latest bid for Tegna is not a surprise given his promise to invest billions into acquiring top-tier TV stations after his February purchase of the 11 stations.

“Over the past six months we’ve invested nearly $500 million to acquire best-in-class, top-tier, broadcast network affiliates,” Allen said, according to The Grio. “We plan to invest approximately $10 billion to acquire ABC, CBS, NBC and Fox television stations over the next three years with the goal of being one of the largest broadcast television groups in America.”

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Tegna, formerly known as Gannett, is one of the largest owners of television stations in America. Like most companies, it stocks has recently been plagued by losses due to coronavirus fears. According to the Los Angeles Times, Byron’s offer includes debt.

Based in Tysons, Va., Tegna has not confirmed the reports, with a spokesperson saying “Tegna’s policy is not to comment on market rumors.”