Private equity firm The Najafi Companies and media broadcaster Trinity Broadcasting Network, offered to acquire Tegna, a digital media and marketing services company for c. $4.4bn. The Najafi Companies and TBN have joined forces and expect to create a wholly-owned new entity for the proposed acquisition. The group believes 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. On September 21, 2021, Apollo Global Management and hedge fund Standard General bid $8bn to take over Tegna.