Phoenix investment firm, religious broadcaster team for Tegna offer

Posted at 6:17 PM, Mar 17, 2020
and last updated 2020-03-17 21:17:32-04

PHOENIX — Phoenix investment firm Najafi Cos. is teaming with a faith-based broadcaster in Texas in an effort to buy a national media company.

Najafi and Fort Worth, Texas-based Trinity Broadcasting Network put a joint offer of $20 per share together for Tegna Inc. (NYSE: TGNA), the Virginia-based a company formed five years ago in the spinoff of Gannett Co.'s television and radio stations.

In a statement from the two companies, the plan would create a separate entity to buy the company, which includes 62 television stations and four radio stations in 51 markets and take the company private.

Tegna stock has faced a tough market in recent days, falling to a close of $15.09 on Tuesday. The stock's price over the past year has never crested $18 per share.

Read more from the Phoenix Business Journal here.