Tegna (TGNA) is in advanced talks with one of its largest shareholders, Standard General, about a potential buyout worth around $24 per share, Scott Deveau, Kiel Porter and Kamaron Leach of Bloomberg report, citing people familiar with the matter. The deal would be backed by Apollo Global (APO), which is in talks to receive preferred shares in Tegna and won’t have voting rights, sources told Bloomberg. A deal for Tegna could be announced in the coming weeks, the sources said. An offer of around $24 a share would be about a $2 per share increase to Standard General and Apollo’s previous bid for the company. Shares of Tegna are up 8% to $21.38 following the report.
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