Apollo withdraws bid for Tegna

Citing the coronavirus pandemic, Apollo Global Management has reportedly withdrawn a bid to acquire Tegna that would have valued the Tysons, Va.-based television broadcaster at around $8.5 billion. The news comes after rival broadcaster Gray Television pulled its offer earlier this month due to the same reason, according to Reuters. Shares of Tegna (NYSE: TGNA) dropped nearly 19% Monday to close at $10.68 apiece.

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