Sinclair Bids for Tegna in Challenge to Nexstar Talks

Sinclair Broadcast Group has made an offer to merge its broadcast television business with Tegna Inc., according to people familiar with the matter cited by the Wall Street Journal. The proposal would value Tegna at roughly $25 to $30 a share, representing a premium of as much as 49% to the broadcaster’s Monday closing price of $20.18. The approach intensifies competition for Tegna, which is already in advanced negotiations to sell itself to Nexstar Media Group. Details of Sinclair’s financing and deal structure were not disclosed. Representatives for Sinclair, Tegna and Nexstar have not commented publicly on the overtures.