Shares in Tegna fell by the most since the 2009 financial crisis after the owner of Dallas’ WFAA Channel 8 and about 60 other local broadcast channels said two potential buyers had abandoned their bids to acquire the company. The Tysons, Virginia-based company was spun out of newspaper publisher Gannett in 2015. It owns television stations in 51 markets, including Denver, San Diego and Atlanta.
Out of four unsolicited takeover bids Tegna received in recent weeks, two “informed Tegna that they were ceasing discussions” after stock markets sank amid the widening pandemic. The other two parties “have not delivered any information on financing sources,” Tegna said. Tegna shares soared 33% earlier this month following reports of a possible takeover. The stock closed down 19% Monday at $10.68.