Deals
Standard General’s Tegna Takeover Dies After Money Goes
- Lack of vote by regulators stunts transaction at deadline
- Tegna announces $300 million share buyback, dividend boost
Tegna Inc. headquarters in McLean, Virginia.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Tegna Inc. on Monday terminated its proposed acquisition by hedge fund Standard General LP, delivering the final blow after a prolonged regulatory review that serves as a possible deterrent to other broadcast deals.
Tegna quickly announced a $300 million share buyback program and a 20% increase in its quarterly dividend and said it was returning excess capital accumulated since the deal was announced in February 2022.