Why Are Tegna Shares Trading Higher?

Standard General and Apollo Global Management Inc APO closed in on a $9-billion deal for television station owner Tegna Inc TGNA, New York Post reports.
The buyers and Tegna have cleared a major stumbling block of how much the Standard General-Apollo team would need to pay if the deal takes more than a year to win the Federal Communications Commission and other regulators.
Tegna sought a $500-million breakup fee if the deal failed to close within a year of its conception.
Standard General and Apollo will likely need to pay at least $24 per share for Tegna after previously bidding $22.65. The buyers seem open to raising their offer for the second time. Tegna shares closed at $19.18 on Jan. 18.
Tegna’s stations combined with those Apollo already owns would surpass the FCC stipulated reach of 39% of U.S. television households nationwide.
If one considered Cox Media Group and Tegna the same entity, there would be overlap. Apollo owns 33 television stations as part of its Cox, reaching 52 million households. Tegna spun off from newspaper giant Gannett in 2015 operates 64 television and two radio stations across 54 U.S. markets.
TGNA Price Action: TGNA shares were trading 4.48% higher at $20.06 midday Wednesday.