MCLEAN, Va.--(BUSINESS WIRE)--Jul. 31, 2017--
TEGNA Inc. (NYSE: TGNA) today announced it has completed its sale of
CareerBuilder, a global leader in human capital solutions. TEGNA,
together with the other owners of CareerBuilder, sold the company to a
group led by investment funds managed by affiliates of Apollo Global
Management, LLC (NYSE: APO), a leading global alternative investment
manager, and the Ontario Teachers’ Pension Plan Board.
TEGNA’s gross proceeds from the sale were approximately $250 million.
TEGNA estimates that net of taxes and other adjustments, cash proceeds
will be approximately $220 million, which will be used to retire
existing debt and for other general corporate purposes.
As part of the final agreement, TEGNA will remain an ongoing partner in
CareerBuilder, reducing its previous 53% controlling interest to
approximately 12% on a fully-diluted basis. TEGNA will also retain two
seats on CareerBuilder’s Board of Directors. CareerBuilder will no
longer be consolidated within TEGNA’s reported operating results and
will instead be reflected as an equity investment within TEGNA’s
TEGNA was advised by Morgan Stanley and was also assisted by Greenhill &
Co. Wachtell, Lipton, Rosen & Katz acted as legal advisor.
TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the
greater good of our communities. With 46 television stations in 38
markets, TEGNA delivers relevant content and information to consumers
across platforms. It is the largest owner of top 4 affiliates in the top
25 markets, reaching approximately one-third of all television
households nationwide. Each month, TEGNA reaches 50 million adults
on-air and 32 million across its digital platforms. TEGNA has been
consistently honored with the industry’s top awards, including Edward R.
Murrow, George Polk, Alfred I. DuPont and Emmy Awards. TEGNA delivers
results for advertisers through unparalleled and innovative solutions
including OTT local advertising network Premion,
centralized marketing resource Hatch, and G/O
Digital, a one-stop shop for local businesses to connect with
consumers through digital marketing. Across platforms, TEGNA tells
empowering stories, conducts impactful investigations and delivers
innovative marketing solutions. For more information, visit www.TEGNA.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170731006156/en/
Source: TEGNA Inc.
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