The proposed deal would bring Tegna under the private ownership of Najafi and TBN
PHOENIX & FORT WORTH, Texas–(BUSINESS WIRE)–The Najafi Companies (“Najafi”), a private global investment firm, and Trinity Broadcasting Network (TBN), the world’s largest and most watched faith-and-family broadcaster based in Fort Worth, TX, announced today the delivery of an offer to Tegna Inc.’s (NYSE: TGNA) board of directors to jointly acquire the U.S. broadcast, digital media and marketing services company and take it under private ownership.
The Najafi Companies and TBN have joined forces and expect to create a wholly owned new entity for the proposed acquisition. The group believes a successful bid would create significant value to Tegna’s shareholders, while as a private company under Najafi and TBN, Tegna would have the opportunity and flexibility to execute a long-term value creation strategy, free from the pressures of managing short-term public shareholder objectives. The proposed offer is timely and critical given the unique market dynamics and current industry pressures Tegna operates under.
The terms of the proposed transaction are $20 per share cash subject to certain conditions.
Tegna owns 62 television stations and four radio stations in 51 markets, reaching 41.7 million television households. TBN reaches more than 175 nations with its inspirational programming 24 hours a day in 14 languages and on 32 global networks. Najafi has deep experience in the media and technology sectors and takes a long-term view on its investments, creating value through growth and superior performance. Najafi and TBN believe Tegna will have multiple strategic opportunities to enhance its positioning and overall value to its audience and advertisers under the combined private ownership structure.
About The Najafi Companies
The Najafi Companies, based in Phoenix with offices in Los Angeles and New York, is an entrepreneurially driven private investment firm founded by Jahm Najafi in 2002. The firm makes highly selective investments across industries, with deep experience in media, technology, consumer, sports, retail and other sectors. The firm comprises a team of concentrators, not diversifiers. The Najafi Companies funds its investments with internally generated capital, enabling it to think long-term, move quickly and operate in true alignment with management. The firm’s passion is to invest and create value in areas that are underserved or undergoing rapid transformation. During these uncertain times, The Najafi Companies is ready to make investments and partner with world-class, entrepreneurial teams. For more information about The Najafi Companies, visit www.najafi.com.
About Trinity Broadcasting Network
Trinity Broadcasting Network is the world’s largest and most watched faith-and-family broadcaster, reaching over 175 nations across the earth with inspirational and entertaining programming 24 hours a day in 14 languages and on 32 global networks. As the world’s most influential non-profit religious broadcaster, TBN has led the way in expanding the impact of faith-based television across the earth through the creation of innovative content designed to reach every viewer demographic with the life-changing message of hope and grace. For more information about Trinity Broadcasting Network, visit www.tbn.org.