Media mogul Byron Allen raises $10 billion for Tegna bid, debt refinancing -sources

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Media mogul Byron Allen raises $10 cardinal  for Tegna bid, indebtedness  refinancing -sources © Reuters. FILE PHOTO: Byron Allen, Founder, Chairman and CEO of Entertainment Studios and Allen Media Group, speaks astatine the 2021 Milken Institute Global Conference successful Beverly Hills, California, U.S., October 19, 2021. REUTERS/David Swanson

By Helen Coster and Krystal Hu

(Reuters) - Media entrepreneur Byron Allen has raised $10 cardinal successful preferred equity and indebtedness for his bid for U.S. determination TV presumption relation Tegna Inc, hoping to prevail implicit a rival connection from concern firms Apollo Global Management (NYSE:) Inc and Standard General LP, radical acquainted with the substance said.

The financing is backed by a consortium of 14 banks and 10 investors, including Ares Management (NYSE:) Corp, Fortress Investment Group, Oaktree Capital Management and Michael Milken's household office, 1 of the sources said.

Ares is starring a $2.2 cardinal preferred equity concern successful enactment of Allen's financing package, different of the sources added.

Tegna could take a winning bidder arsenic aboriginal arsenic this month, the sources said.

Spokespeople for Tegna, Apollo, Oaktree and Michael Milken declined to comment.

Allen, who acquired the Weather Channel TV web for $300 cardinal successful 2018, made a $23 per stock connection for Tegna successful September, portion Apollo and Standard General offered $22 per share, according to radical acquainted with the matter.

Tegna wants some bidders to rise their offers, 1 of the sources said. It besides expects assurances from some bidders that they volition entertain each regulatory demands indispensable to implicit the acquisition, and views the Apollo/Standard General bid arsenic astir apt to rise antitrust concerns, the root added.

Apollo owns 33 TV stations successful 20 markets done its portfolio institution Cox Media Group, portion Standard General owns 4 TV stations, according to their websites.

Tegna reported third-quarter net connected Thursday and said connected a telephone with analysts it was inactive evaluating acquisition proposals versus its stand-alone prospects.

The institution recorded $756 cardinal successful gross successful the quarter, up 2% year-over-year. It has 64 tv stations successful 51 U.S. markets, and a marketplace worth of $7.75 cardinal including debt.

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