Media mogul Byron Allen is said to have raised $10 billion in preferred equity and debt for his bid to buy Tegna Inc. (NYSE: TGNA), the Tysons-based operator of dozens of U.S. television stations.
According to Reuters, the financing is backed by 14 banks and 10 investors, including Fortress Investment Group, Oaktree Capital Management and Ares Management Corp. Los Angeles-based Ares is the lead investor and the alternative investment firm was part of Allen’s bid to purchase the company when it was first revealed in late September.
Tegna said at the time it had received multiple acquisition proposals and that its board would “carefully review and evaluate” the offers. Apollo Global Management Inc. (NYSE: APO) and Standard General LP are behind a competing offer.
