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Standard General to acquire Tegna for $8.6 Billion


dman748

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11 minutes ago, KnoxvilleTVFan said:

What is interesting about the acquisition is that stations like KHOU, WLNE and KVUE are going to be Cox-owned stations. I was reading something on Radio Insight about the radio implications of the deal and it's interesting to note that the sports duo of WBNS-AM and WBNS-FM are being received by Standard General. Not only that, Cox will gain KHOU in Houston, the city where the company owns a radio cluster including KKBQ-FM.

Concerning the TV side of things, it will be interesting to see what happens. However, there is something I would like to add. With Cox acquiring both the ABC affiliates in Providence, Rhode Island and Lincoln, Nebraska, I believe that those two stations [WLNE and KLKN] need new graphics.

With that being said, the next few weeks and months are going to be interesting.

 

Sorry, but where does it say that Cox will be getting WLNE and KLKN?

 

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25 minutes ago, KnoxvilleTVFan said:

What is interesting about the acquisition is that stations like KHOU, WLNE and KVUE are going to be Cox-owned stations. I was reading something on Radio Insight about the radio implications of the deal and it's interesting to note that the sports duo of WBNS-AM and WBNS-FM are being received by Standard General. Not only that, Cox will gain KHOU in Houston, the city where the company owns a radio cluster including KKBQ-FM.

Concerning the TV side of things, it will be interesting to see what happens. However, there is something I would like to add. With Cox acquiring both the ABC affiliates in Providence, Rhode Island and Lincoln, Nebraska, I believe that those two stations [WLNE and KLKN] need new graphics.

With that being said, the next few weeks and months are going to be interesting.

WLNE going to current versions of Cox or Tegna would be an upgrade.

13 minutes ago, mre29 said:

 

Sorry, but where does it say that Cox will be getting WLNE and KLKN?

 

you need to go to the press release in CMG corporate website.  All the current Standard Media stations will go to CMG.  They are small stations so the former Texas Belo stations became more the focus.  As for all the speculation, concerns etc, once the FCC filing is posted, I'm sure many questions will be answered.  This includes how Apollo's investment is handled and not only do they have no voting rights, but no management role either and that the two groups are operated separately.  

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10 minutes ago, NowBergen said:

WLNE going to current versions of Cox or Tegna would be an upgrade.

Not when they're operated by private equity vultures who seek to cash out for maximum profits. Soo Kim utterly ruined MediaGeneral and made a killing offloading it to Nexstar.

10 minutes ago, NowBergen said:

As for all the speculation, concerns etc, once the FCC filing is posted, I'm sure many questions will be answered.  This includes how Apollo's investment is handled and not only do they have no voting rights, but no management role either and that the two groups are operated separately.  

They have to prove they aren't any more than a silent partner in this deal, which I don't think Apollo has the capability to do. I don't trust them for a second even if they eliminated the entirety of their stake in this dumpster fire of a purchase.

 

As @Weeterssaid on the Discord, "If this goes through, the (39%) cap is proven to be entirely pointless". And he's right.

Edited by Myron Falwell
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11 minutes ago, NowBergen said:

you need to go to the press release in CMG corporate website.

 

Aha. Well, no one posted that link here, and I'm not psychic, so...

 

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2 hours ago, CLETVFan said:

What about WKYC?  Could the new company sell the station or if they hold onto it, change from the approach they adapted back in late 2019?  

 

Speaking of 3, I came across something interesting in this post on one of their blogs.  It has to do with its newscasts:


 

 

This seems to say that WKYC might be doing better in the ratings, even with its format switch and creative brandings.

 

Could all of that go away ownership changes?

It would go away because Soo Kim doesn't care about broadcasting and has it in for Dave Lougee. Expect a massive disinvestment and abandonment of all digital aspects. It'll be an utter shame.

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My thinking is that I've completely disagreed with Myron on the part of the Government rejecting this deal outright, we need to wait until we see the papers filed at the FCC before jumping into conclusions but what my opinion is that unless it's structured something to the effect of Standard/Apollo making divestitures to include a spin-off of Cox into it's own independent company (which would consist of primarily the original Cox stations, the former Texas Belo stations and I will include KENS in that one and the current Standard stations)

 

As it is structured now I DO agree with Myron that it will ultimately not pass regulatory muster.

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6 hours ago, Myron Falwell said:

 

 

Nevermind that Byron Allen offered significantly more for Tegna and was rejected. 🤔

 

I don't know if it's so much Allen was rejected as it was he stopped trying when the option of owning the Broncos came up.

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2 hours ago, mre29 said:

 

Sorry, but where does it say that Cox will be getting WLNE and KLKN?

 


MRE29, on Radio Insight's article, it states this: "Cox will acquire TEGNA’s KVUE-TV Austin, WFAA and KMPX Dallas, and KHOU and KTBU Houston as well as Standard Media’s KBSI Cape Girardeau MO, KLKN Lincoln NE, WDKA Paducah KY, and WLNE-TV New Bedford MA/Providence RI, while divesting WFXT Boston."

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I got a question. Why Apollo didn't include KENS 5?

 

The four Belo Texas stations (with WFAA, KHOU & KVUE 24) have been commonly-owned since since 1999.

 

Another thing is with that memo posted above, this pretty much confirms that WFXT is going to Standard Media's Tegna. When I read the article earlier this morning, they touted that WFXT was going to be the "anchor or a new station group". I thought they were talking about brand new company.

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1 minute ago, CircleSeven said:

I got a question. Why Apollo didn't include KENS 5?

 

The four Belo Texas stations (with WFAA, KHOU & KVUE 24) have been commonly-owned since since 1999.

 

Another thing is with that memo posted above, this pretty much confirms that WFXT is going to Standard Media's Tegna. When I read the article earlier this morning, they touted that WFXT was going to be the "anchor or a new station group". I thought they were talking about brand new company.

Yeah I think regarding both of them I think we need to wait until the FCC filings get filed, the only thing I can think of it might be an error in the memo.

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1 hour ago, cbs4dallas said:

Why wasn’t KENS included in the deal? It is because of Cox owned radio stations already in San Antonio?

It’s possible, but there could be other reasons, too. Then again, to be fair, there are other Tegna stations in Texas that weren’t included in the deal, either (KCEN, KYTX, KIII, & KBMT, just to name a few)…….

 

 

Edited by J1975am
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48 minutes ago, J1975am said:

It’s possible, but there could be other reasons, too. Then again, to be fair, there are other Tegna stations in Texas that weren’t included in the deal, either (KCEN, KYTX, KIII, & KBMT, just to name a few)…….

Easiest solution is to let Apollo talk full control of Tegna. If this FCC doesn't bat an eye then the ownership cap is worthless.

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This is one of the strangest deals in recent M&A memory.

 

It looks like the Apollo portion is where Cox/Apollo is buying some of the largest Tegna stations and others around Texas (and spinning off WFXT to Standard General/Tegna), while Standard General is trading some others to Cox/Apollo (including the Sinclair castoffs in Cape Girardeau) while getting the other Tegna stations.

 

After the dust is settled, will Apollo have a stake in the Tegna/Standard General stations going forward?  If not, then the deal may pass, but if Apollo has any stake, then it will still be messy, ESPECIALLY in a place like Jacksonville.

 

Edited by tyrannical bastard
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4 hours ago, cbs4dallas said:

Why wasn’t KENS included in the deal? It is because of Cox owned radio stations already in San Antonio?

If that were the case, then Houston wouldn’t have been included either. Cox has a cluster in Houston with 3 FMs and an AM.  
 

Only thing I can think of is that they felt the need to keep at least one large station in the state to work with all the small ones. The smaller stations share HR and other functions. The larger stations give them a lot of back office support. The general manager at KVUE in Austin has management oversight at their Tyler, Texas station, for example. 

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3 hours ago, Myron Falwell said:

lmfao WFXT, the "anchor of a new station group."

 

I think it's be called the S.S. Titanic.

 

If WFXT is what they consider a great investment of local news, then all stations under Standard are going to collapse.

 

4 hours ago, ScottSchell said:

 

024A8B95-D463-4C9E-BE2A-179545E3C8DD.jpeg

 

CMG is taking all assets from and dissolving the entire StandardMedia brand.

 

Who knows what this means for WFXT, but WFXT is definitely not news leader. Maybe Standard can turn that around.

 

WFAA hasn't been sold away from the Belo group before. I guess this is the final death knell. 

Edited by ABC 7 Denver
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5 minutes ago, ABC 7 Denver said:

 

If WFXT is what they consider a great investment of local news, then all stations under Standard are going to collapse.

 

 

CMG is taking all assets from and dissolving the entire StandardMedia brand.

 

Who knows what this means for WFXT, but WFXT is definitely not news leader. Maybe Standard can turn that around.

With Cox leaving Boston, I’d be shocked if Standard General doesn’t abandon the disastrous Boston 25 brand for a return of Fox 25. 
 

Also … someone above was asking about Cox blowing out the Tegna sets. I wouldn’t count on it. KOKI, their Tulsa station, is still using its Clear Channel set. The WFAA set is brand new. The KHOU set is only a couple years old and dates back to when the station relocated to the Galleria area after flooding from Hurricane Harvey. The KVUE set is the stereotypical Tegna “set in a box” but it, too, isn’t that old. Cox will likely let these stations pick whichever graphics they’d like, however. Maybe WSB, KIRO or the “Tonight” graphics. 

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58 minutes ago, Greggo said:

With Cox leaving Boston, I’d be shocked if Standard General doesn’t abandon the disastrous Boston 25 brand for a return of Fox 25. 
 

Also … someone above was asking about Cox blowing out the Tegna sets. I wouldn’t count on it. KOKI, their Tulsa station, is still using its Clear Channel set. The WFAA set is brand new. The KHOU set is only a couple years old and dates back to when the station relocated to the Galleria area after flooding from Hurricane Harvey. The KVUE set is the stereotypical Tegna “set in a box” but it, too, isn’t that old. Cox will likely let these stations pick whichever graphics they’d like, however. Maybe WSB, KIRO or the “Tonight” graphics. 


I agree and it will be interesting to see what kind of graphics KVUE, KHOU or even WFAA will be using.

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5 hours ago, Myron Falwell said:

lmfao WFXT, the "anchor of a new station group."

 

I think it's be called the S.S. Titanic.

LMAO..

 

In all seriousness the more I think about it the more I think the press release was probably misquoted or something to that effect, I think that new group is probably setting up a "shell" for WFXT (and actually likely WFAA/KVUE/KHOU too) or Kim is essentially taking Tegna and using the divestiture tool to break up the whole Tegna chain knowing full well that the DOJ would probably treat all 3 entities as one large company.

 

It actually puzzles me why they would actually form a separate company within Standard to run WFXT that would also have the voting rights to the new Tegna yet, Apollo (Cox) won't have any voting rights at all.

 

EDIT: Just read the New York Post article about this deal and it's a holding company that's buying both Tegna and WFXT separately and it would be ran separately.

 

This deal needs to be reworked a bit when they file the application with the FCC, I already have wayyyy more questions than I do answers.

Edited by dman748
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