MOLINE, Ill. — WQAD's parent company, TEGNA, has reached an agreement to be acquired by Standard General L.P. and become a private company, according to an announcement from TEGNA.
According to TEGNA, Standard General acquired the broadcast company for $24.00 per share, with a total equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion.
TEGNA is a media company that owns 64 news brands in 51 markets across the United States. Cox Media Group, at the end of the transaction, is expected to acquire five of TEGNA's news stations located in Texas: KVUE (Austin), WFAA and KMPX (Dallas) as well as KHOU and KTBU (Houston).
"As a private company, TEGNA’s purpose of serving the greater good of our communities will not change," TEGNA President and CEO Dave Lougee said in the announcement. "Our commitment to building a more diverse, equitable and inclusive culture at all levels of the company has been a priority, and we aim to further increase representation of Black, Indigenous and people of color across our business and ensure our content, through our focus on inclusive journalism, reflects the communities we serve."
TEGNA, through its acquisition, will become the U.S.'s largest minority-owned broadcast group.
According to the announcement, the transaction is expected to be completed in the latter half of 2022, subject to the approval of TEGNA shareholders, federal regulatory approvals and other conditions.
Upon the closing of the transaction, Lougee will step down, and current CEO of Standard Media Deb McDermott will step up into the role. Soo Kim, who is currently managing partner and chief investment officer at Standard General, will assume a position on the Board of Directors.
