Hedge fund Standard General LP said it has struck a deal valued at $5.4 billion to buy TV broadcaster Tegna Inc., ending years of takeover talks.
Standard General will pay $24 in cash for each share outstanding of Tegna, representing a 39% premium to the stock’s closing price on Sept. 14, before news reports of a possible offer pushed shares higher. The companies valued the deal at $8.6 billion, including debt.
