Tegna gains on report of advanced talks for sale to Apollo/Standard General

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• Tegna (NYSE:TGNA) jumped 8.5% on a report that its in advanced talks for a sale for about $24/share to Standard General.
• The transaction would be backed by Apollo Global, according to a Bloomberg report. A deal could be announced in the coming weeks if an agreement is reached.
• The news comes after the NY Post reported last month that Standard General and Apollo Global (NYSE:APO) were getting closer to a ~$9B purchase of the broadcaster. The parties appeared to clear a big obstacle, which was a $500M break-fee, that Tegna appears to have given up its demands for.
• In late November, there was report that Standard General/Apollo raised their offer to $22.65/share above an earlier bid of $22.