U.S. TV broadcaster TEGNA Inc. announced yesterday that it has entered into a definitive agreement to be acquired by an affiliate of Standard General L.P. for $24 per share in cash, which translates to a total enterprise valuation of $8.6 billion (including the assumption of $3.2 billion of its debt). We placed all of our ratings on TEGNA, including our 'BB' issuer credit rating, on CreditWatch with negative implications. We expect to resolve the CreditWatch placement or discontinue our ratings on the company once the proposed acquisition closes depending on whether any of its rated debt remains outstanding. The CreditWatch placement reflects the likelihood that we will either lower or discontinue our ratings on TEGNA after the completion of its
