Tegna In Talks With Standard General For Potential Sale: Reports

(RTTNews) - Television broadcaster Tegna Inc. (TGNA) is in advanced discussions with Standard General, one of its largest shareholders, about a potential buyout at about $24 per share, according to Bloomberg.

Shares of TEGNA rose nearly 7% in regular trading, closing at $21.34.

The deal would be backed by alternative asset manager Apollo Global Management Inc. and is in talks to receive preferred shares in Tegna and won't have voting rights.

According to the report, a deal for Tegna could be announced in the coming weeks if negotiations are successful.

The offer is the latest in a series of bids to acquire Tegna. The Wall Street Journal last year had reported that media mogul Byron Allen had offered to acquire Tegna for $4.4 billion. Bloomberg reported in September that Standard General and Apollo previously bid for Tegna.