Reuters first to report media mogul Byron Allen raises $10 bln for Tegna bid, debt refinancing; market reacts

Reuters revealed that media mogul Byron Allen has raised $10 billion in preferred equity and debt for his bid for the U.S. regional TV station operator Tegna Inc, hoping to prevail over a rival offer from investment firms Apollo Global Management Inc and Standard General LP. Tegna, formed from the breakup of newspaper publisher Gannett in 2015, operates more than 60 stations in the United States in 51 markets. The sale of the broadcast division is among the most closely tracked deals in media.