Standard General taking Tegna private in $5.4B cash deal

Standard General is taking television station owner Tegna private in an all-cash deal valued at about $5.4 billion. An affiliate of Standard General will pay $24 for each Tegna share. The transaction has an enterprise value of approximately $8.6 billion, including the assumption of debt. Once the deal closes, Tegna stations in Austin (KVUE), Dallas (WFAA and KMPX) and Houston (KHOU and KTBU) are expected to be acquired by Cox Media Group from Standard General. The deal is expected to close in the second half of the year. It still needs approval from Tegna shareholders.