Why Are Tegna Shares Trading Higher Premarket Tuesday?

Apollo Global Management Inc APO and Standard General collaboratively made a bid topping $8 billion for the local TV station owner Tegna Inc TGNA, New York Post reports.
The offer price is roughly worth $22 per share, implying a 12.4% premium on Tegna's September 17 closing price of $19.58.
Apollo owns television stations acquired December 2019 from Cox Media Group and can drive Tegna earnings by combining the companies.
Tegna spun off from newspaper firm Gannett Co Inc GCI in 2015. it operates 64 television and two radio stations across 54 U.S. markets.
Apollo's previous bid for Tegna and was rebuffed. Tegna set Monday as a bidding deadline for its formal auction to sell itself via JPMorgan.
Weather Channel owner Byron Allen could also be a potential bidder.
Tegna recently courted lawsuits alleging sex discrimination and racial bias.
Soo Kim's Standard General, which reported owning 4.8% of Tegna shares, highlighted the allegations in an unsuccessful proxy fight last spring to renew Tegna's management. Now, Kim is getting close to buying Tegna with Apollo.
Apollo held $11.3 billion in cash and equivalents as of June 30.
Price Action: TGNA shares traded higher by 5.43% at $20.58 in the premarket session on the last check Tuesday.