Tegna, owner of Fox 61 and CW20 here in Connecticut, is being sold to Standard General for $5.4 billion.
The news broke late Tuesday after months of rumor and negotiation. As part of the deal, Standard General will be spinning off some stations in Texas and WLNE in New Bedford, according to internal memos obtained since the sale was announced.
According to Poynter:
Standard General was formed in 2007 to manage pension funds and endowments. The company says it is “a minority-controlled and operated organization” and, once the Tegna sale is complete, the new company will be the “nation’s largest minority-owned, woman-led broadcast group.”Standard General describes itself as an investor looking for companies undergoing “dramatic change.”
