APO - Meredith is said to have received higher bid from Standard General for broadcast assets before revised Gray deal

Meredith Corp. (MDP) is said to have received a higher bid from Standard General for its Local Media Group before it agreed to increased deal with Gray Television.Standard General was bidding with a group include Apollo Global (APO) and Sinclair Broadcast (SBGI), according to a Dealreporter story, which cited sources familiar. It appears that Standard General is unlikely to reengage with Meredith.Standard General's bid was valued around $3B, above the $2.83b Gray Television deal announced today, according to the report. Meredith decided to stick with the Gray transaction due to timing and regulatory risk.Meredith rose 7.06% today.Last month, Tegna (TGNA) fell partly after Gray Television announced Meredith TV deal. Separately, Tegna prevailed in its proxy fight against Standard General, with all 12 of the company's nominees re-elected to board seats.

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Meredith is said to have received higher bid from Standard General for broadcast assets before revised Gray deal