Standard General, an American hedge fund, agreed to acquire TEGNA, a firm that owns or operates 66 television stations in 54 markets, for $8.6bn. TEGNA will be acquired by the Standard General for $24 per share in cash representing a premium of approximately 39%. "After evaluating this opportunity against TEGNA’s standalone prospects and other strategic alternatives, our Board concluded that this transaction maximizes value for TEGNA shareholders. Thanks to the team’s stellar execution of the Company’s value-creation strategy, TEGNA has positioned itself as a leading broadcast television group serving the greater good of the communities in which we operate – and as a private company will have an enhanced ability to keep evolving its local news, programming, and marketing solutions to serve its communities in a rapidly changing media landscape," Howard D. Elias, TEGNA Chairman. On November 18, 2022, Standard General acquisition of TEGNA rceives approval from Team Telecom.