TEGNA will be acquired by Standard General for $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt.
It will be the nation’s largest minority-owned, woman-led broadcast group.
With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top-four network affiliates in the top-25 markets among independent station groups. TEGNA also owns leading multicast networks True Crime Network, Twist and Quest.
After the close of the transaction, Deb McDermott will become CEO, and Soo Kim, founding partner of Standard General, will serve as chairman of a new board.
McDermott now serves as CEO of Standard Media and has more than 20 years of experience leading broadcast groups, including previously serving as COO of Media General and as CEO and president of Young Broadcasting. In these roles, she has served as a key member of the leadership teams responsible for the successful acquisition, integration and