Tegna Sale Discussions Sputter Out During COVID-19; Stock Falls
Tegna ended discussions with prospective buyers amid the ongoing pandemic (see 2003290001), the broadcaster said Sunday. The stock closed down Monday 19% to $10.68. Tegna confirmed it received "four unsolicited acquisition proposals in recent weeks," two of which led…
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to discussions that have since ended. The other prospective buyers never provided information about financing sources, the release said. Without identifying any would-be buyers, Tegna said Sunday the two proposals it had been discussing were made shortly before the recent market dislocation due to the COVID-19 pandemic and both subsequently told Tegna they were ceasing discussions. The broadcaster's board is "willing to consider transactions that create compelling value, and our focus now is on helping management navigate through an unprecedented environment,” said Chairman Howard Elias. CEO Dave Lougee said, like other companies, his "is operating in uncharted waters due to COVID-19 as we focus on ensuring the health and safety of our employees while continuing to create and preserve value." The company's market value is more than $2 billion, it says. It declined to name the bidders and didn't comment further Monday. Its release said it doesn't "intend to update this disclosure." As part of Communications Daily putting its coronavirus coverage in front of our pay wall, you can read a news bulletin about Tegna's announcement here.