It appears that Tegna is still interested in selling the company, but they want to make sure that the potential buyer does not walk away before the deal is done.

Tegna is also getting very greedy in their demands.

As FTVLive has told you, hedge funds, Standard General and Apollo Global Management have teamed up and are trying to buy Tegna together.

The group has now raised its offer for Tegna from $22 to $22.65 a share, valuing the company at roughly $5 billion and also is agreeing to assume the Tegna’s huge $3.4 billion in debt.

Tegna has also asked the bidders to agree to a “hell or high water” condition, meaning they would not walk away from the merger no matter how long it took to get through regulators.

Tegna also showed their greedy side and is demanding a higher-than-normal breakup fee of about $500 million bucks.

Word is that Standard General and Apollo are comfortable with the first condition but have countered with a breakup fee about half as big as what Tegna wants.

Bryon Allen is also making a play for Tegna.

H/T NY Post