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BYRON ALLEN makes $8.5B CASH bid for TEGNA

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New news / new thread / mods move if I'm out of line.

 

Well. Would. You. Look. At. This.

 

https://deadline.com/2020/03/byron-allen-bid-broadcaster-tegna-1202880413/

 

Quote

Media entrepreneur Byron Allen has made an all-cash bid for Tegna and is said to be one of three potential buyers circling the Tysons, Va.-based broadcaster, according to a source familiar with the situation.

It's Allen, Apollo, and Gray in the running.

 

I made a Speculatron post entertaining this possibility for the conflict markets in a Gray/TEGNA situation not even a week ago. What happens when art becomes life?

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Well, with the exception of Huntsville, it's a clean buy.  While it may be less disruptive to the marketplace, it may keep things at the stations status quo...at least for now.

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I have a feeling TEGNA is going to brush them all off again. Just like they did Apollo/COX the 1st time. TEGNA doesn't want to be bought they still wanna be competition.

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IMO, I say it's a big step and a clear win. As much as I want Gray or Standard to buy Tegna... I go with Allen Media, all the way.

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This should be merged with the other thread since this is pretty much talking about the same thing here (Tegna)

 

However, I will say that bids like Apollo's and Allen's aren't so bad right now given that they do have pretty deep pockets (especially Allen) in spite of the Stock Market being down right now.

 

I think Tegna needs to make a deal whether this COVID stuff that's causing the stocks to tank goes away or not given that they're clearly under pressure from activist shareholders that want Tegna to sell.

 

I also think that Tegna is going to get pretty good offers in spite of the tanking stock market in fact the Gray-Apollo-Tegna news broke the day the stocks were way down (Allen as well) so for some media companies (for now) this COVID-19 stuff hasn't put a dent in any of these companies at all and I think a lot of it has to do with the fact that the 3 companies that are vying for Tegna have the cash needed to go after Tegna even while the stocks are down.

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I'm all for this. I'm hoping he will eventually buy one of the major broadcast networks as well. This something that I can support

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1 hour ago, jero23 said:

I'm all for this. I'm hoping he will eventually buy one of the major broadcast networks as well. This something that I can support

Why? 

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Safe to say the bidding war for Tegna is on another level. And I'm intrigued. Other than the fact that he'll have a free fast track for his brood of court shows et al, this bid does look pretty good and may definitely get approved by the FCC. We shall see.

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1 hour ago, The Frog said:

Why? 

 

Maybe because I want to see it happen

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As far as branding autonomy goes, I think Bryan Allen would make a great buyer for Tegna stations.  This is getting interesting, to say the very least.

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Posted (edited)

Who is backing Allen's bid? Allen went in with Sinclair on the Fox RSNs.

Edited by newsbot

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Posted (edited)
4 hours ago, NowBergen said:

So where is Byron Allen/s money source from?  He was an eh comedian.

 

2 hours ago, newsbot said:

Who is backing Allen's bid? Allen went in with Sinclair on the Fox RSNs.

Allen said after he brought Heartland Media that he pledged to spend at least $10 billion to purchase additional TV stations.

 

Who knows where Allen is getting his $10 billion from.

Edited by oknewsguy

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2 minutes ago, channel2 said:

Banks, most likely.

Which I wouldn't be surprised if that's also where Apollo and Gray is getting their money from as well.

 

Which might explain the high interest in Tegna and the ongoing bidding war for Tegna in spite of the stock market being down.

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Posted (edited)

But is Byron Allen shilling for Sinclair? They're friendly with each other.

 

That might mean Sinclair controlling four signals in Columbus. Or maybe we have CBS 53 since WWHO is now broadcasting from the Channel 6 Tower after the repack.

 

On 3/12/2020 at 11:07 PM, oknewsguy said:

Which I wouldn't be surprised if that's also where Apollo and Gray is getting their money from as well.

 

 I doubt Apollo is doing much borrowing. This is all investor money I would imagine.

 

Tegna may get lucky because of the quarantine. I have a feeling a lot of people are going to want to take a wait-and-see attitude I'm doing deals for a little bit. I don't think any bank wants to give Byron Allen $10 billion and end up in a 2007  Economic situation. I don't think we are going to get to that point, but none of us have a crystal ball.

Edited by DirtyHarry

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Posted (edited)
10 minutes ago, DirtyHarry said:

But is Byron Allen shilling for Sinclair? They're friendly with each other.

 

 I doubt Apollo is doing much borrowing. This is all investor money I would imagine.

 

Tegna may get lucky because of the quarantine. I have a feeling a lot of people are going to want to take a wait-and-see attitude I'm doing deals for a little bit. I don't think any bank wants to give Byron Allen $10 billion and end up in a 2007  Economic situation. I don't think we are going to get to that point, but none of us have a crystal ball.

I imagine Apollo likely has the funds lined up and likely did before the whole COVID-19 stuff happened.

 

As for Tegna itself, it's very simple. Two words.

Soo Kim.

 

That man is the main one that's responsible for putting Tegna in the position that they're in, I don't think any of the Qurantine stuff had to do with Tegna being "lucky" as it did with Soo Kim doing what he's been doing and allowing companies like Gray, Apollo and Allen to make bids. I imagine Tegna may get one more company involved but other than that this will be the 3 companies that are vying for Tegna at this point in time and it's those 3 that I just mentioned in this post.

Edited by oknewsguy

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2 minutes ago, oknewsguy said:

I don't think any of the Qurantine stuff had to do with Tegna being "lucky"

 

 I don't think you understand what I meant by "lucky." By lucky, what I meant was that the current economic uncertainty might make all of these bids fall apart.  All these purchase prices are based on revenue projections. If things go south during this quarantine, banks won't be able to rely on them.  Even Apollo might not want to take that kind of risk.

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Posted (edited)
12 minutes ago, DirtyHarry said:

 

 I don't think you understand what I meant by "lucky." By lucky, what I meant was that the current economic uncertainty might make all of these bids fall apart.  All these purchase prices are based on revenue projections. If things go south during this quarantine, banks won't be able to rely on them.  Even Apollo might not want to take that kind of risk.

So pretty much these $20 a share offers are generally based on the revenue projections and not neccessarily reflecting on the stock market situation that's going on at the moment.

 

I'd be interested to see what happens with Tegna. Certainly we don't anticipate Tegna striking a deal with anybody anytime soon.

 

And given the current situation the advantage may still fall on Byron Allen since he's already committted $10 billion to fund additional acquisitions way before any of the COVID-19 stuff happened whereas you have companies like Gray and Apollo that are using stock and relying on banks and right now it may not be a good time to rely on those.

 

As for Allen shelling for Sinclair, that one I seriously doubt because Allen Media is an independent company from Sinclair, yes those two do have a relationship but their business dealings only consist of syndicated programming and the regional sports networks that's the only things those 2 have a relationship with

Edited by oknewsguy
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Well, from an aesthetics standpoint, it doesn't take much of a stretch to get THIS out of THIS

 

It wouldn't take much to integrate one's look into the other, if that was even necessary. 

 

Can you imagine TWC with the Tegna OOhs and AAhs?

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I do wonder how flexible the Weather Channel pkg would be for all the Allen stations because I could see where it might work as a TV news pkg but Allen has to make sure it's done properly so that way it don't make an existing problem at Tegna's stations even worse.

 

As for TWC using C Clarity I doubt we'll see them use it as if I'm correct they're one of Stephen Arnold's clients (which many of the Allen Media stations are clients of SAM) so it could go either way.

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1 hour ago, Lucas Welter said:

WXIA previously used Locals Only from Atlanta Alive and This is the Place from 11 Alive at 5PM.

Where did you see that? Because to my knowledge they're still on C Clarity

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On 3/17/2020 at 7:30 PM, oknewsguy said:

Where did you see that? Because to my knowledge they're still on C Clarity

The dude is probably making stuff up. WXIA never used This Is the Place anywhere

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