The Najafi Companies, a private global investment firm based in Phoenix, and Trinity Broadcasting Network, the world’s largest and most watched faith-and-family broadcaster based in Fort Worth, have announced 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 organizations said in a news release.
The Najafi Companies and TBN have joined forces and expect to create a wholly owned new entity for the proposed acquisition.
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, the release said.
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, the news release said.
The terms of the proposed transaction are $20 per share cash subject to certain conditions.
The Najafi Companies and TBN said they believe 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 Najafi Companies, based in Phoenix with offices in Los Angeles and New York, is a 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.
– FWBP Staff