TEGNA Inc. (NYSE: TGNA) has reported on recent acquisition approaches, the company said.
As has been widely reported, TEGNA has received four unsolicited acquisition proposals in recent weeks. TEGNA and its advisors engaged substantially with two of these parties and provided them extensive non-public due diligence information.
These two parties made their proposals shortly before the recent market dislocation due to the COVID-19 pandemic and both subsequently informed TEGNA that they were ceasing discussions. The other two parties have not signed confidentiality agreements to enable due diligence and have not delivered any information on financing sources.
TEGNA has filed a definitive proxy statement and form of GOLD proxy card with the SEC in connection with the solicitation of proxies for TEGNA´s 2020 Annual Meeting of shareholders (the “Proxy Statement” and such meeting the “2020 Annual Meeting”).
TEGNA is an innovative media company that tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. With 62 television stations in 51 markets, TEGNA is the largest owner of top 4 affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. For more information, visit www.TEGNA.com.