Private-equity firm Najafi Cos. and faith-based broadcaster Trinity Broadcasting Network have offered to buy Tegna Inc. for cash consideration of $20 a share, adding their bid to a crowded field of suitors. The offer values the broadcaster at roughly $4.4 billion and would bring Tegna’s 62 television stations and four radio stations in 51 markets together with Trinity Broadcasting’s 32 global networks in more than 175 countries. Phoenix-based Najafi focuses on media, technology, consumer and sports companies.

Source: Wall Street Journal March 18, 2020 00:22 UTC