2023-05-25 16:50:40 ET
- Standard General said it agreed to pay a termination fee over its failed Tegna ( NYSE: TGNA ) acquisition in Tegna shares.
- Standard General on Wednesday entered into an agreement where it will transfer Tegna ( TGNA ) shares valued at the $136 million termination fee to the TV broadcaster, according to an 8-K filing on Thursday. The transfer will not reduce Tegna's previously announced $300 million share repurchase authorization.
- Tegna ( TGNA ) announced on Monday that its planned $5.4 billion sale to Standard General was terminated after failing to win regulatory approval, and it announced a $300 million share repurchase plan. Tegna also announced a 20% increase in its quarterly dividend.
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Standard General to pay $136 million termination fee in Tegna shares