Budding media mogul Byron Allen has made a bid for broadcaster Tegna Inc. that values the owner of 62 local television stations at $4.4 billion, a person familiar with matter said. The all-cash, $20-a-share bid was submitted to Tegna on Tuesday, the person said. Taking into consideration Tegna’s hefty debt load, the bid is worth about $8.5 billion.

Source: Wall Street Journal March 12, 2020 01:57 UTC