SSP - Tegna falls partly after Gray Television announced Meredith TV deal

Tegna Inc. (TGNA) dropped 3.5% partly after Gray Television (GTN) agreed yesterday to acquire Meredith's (MDP) Local Media Group in a $2.7B transaction. "Perhaps at long last Gray can finally put to bed the rumor that they are going to buy TEGNA," Benchmark analyst Daniel Kurnos wrote in a note earlier.Recall that last March it was reported Gray Television pulled its Tegna bid. Gray was one of three groups offering to buy Tegna for $8.5B including debt. It's also possible that Gray Television couldn't bid for Tegna after a Meredith deal due to FCC ownership caps.Tegna isn't the only broadcaster down today.Sinclair Broadcasting ([[SBGI]] -3.6%) -3.4%, Nexstar Media ([[NXST]] -0.6%) -0.5%, E.W. Scripps ([[SSP]] -3.2%) -  3.1%.Recall last month, TV broadcasters gain as Supreme Court supports relaxed ownership caps.Tegna remains in the middle of a proxy battle with holder Standard General. Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended that Tegna shareholders vote for

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Tegna falls partly after Gray Television announced Meredith TV deal