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TEGNA confirms receiving takeover offer from Apollo

TEGNA Inc. confirmed receiving a proposed takeover offer from Apollo Global Management LLC.

In an Aug. 21 news release, TEGNA said Apollo first approached in late February about plans to buy the company without specifying a price. Then in June, Apollo offered to combine TEGNA with broadcasting assets the asset manager is in the process of buying.

The proposed transaction would not have constituted a change of control of TEGNA. The company said it "does not intend to update this disclosure."

The statement came after a report by The Wall Street Journal indicated that Apollo considered merging TEGNA's assets with those of Cox Media Group Inc., in which Apollo agreed to buy a majority stake earlier this year.