This article is republished here from The Wall Street Journal
Bid values company at about $4.4 billion, adding to crowded field of suitors
Private-equity firm Najafi Cos. and faith-based broadcaster Trinity Broadcasting Network have offered to buy Tegna Inc. for cash consideration of $20 a share, adding their bid to a crowded field of suitors.
The offer values the broadcaster at roughly $4.4 billion and would bring Tegna’s 62 television stations and four radio stations in 51 markets together with Trinity Broadcasting’s 32 global networks in more than 175 countries. Phoenix-based Najafi focuses on media, technology, consumer and sports companies.
Tegna’s shares climbed 14% to $17.25 in Tuesday’s after-hours trading.
The bid comes just a week after the media mogul Byron Allen made an all-cash, $20-a-share bid for the broadcaster.
