It appears that Tegna is this/close to selling off the company.

Hedge funds Standard General and Apollo Global Management have teamed up in an effort to buy the Tegna stations for roughly $9 billion dollars.

The deal moved forward after Tegna backed off a clause in which they could have pocketed millions of dollars, even if the deal fell apart.

Tegna had wanted a roughly $500 million break-up fee if the deal isn’t completed one year after it is inked — even if regulators weren’t the cause of a possible no-deal.

But the TV giant in recent days has largely relented on that point, sources said. “Now it is only about price,” a source with knowledge of the situation said to the NY Post.

The Post reports that there is still a $1 or $2 a share gap on price, so there’s still only a 50-50 chance a deal will get signed, a source close to the matter said. But a month ago the chances of a deal happening were likely closer to 20 percent.

As for Tegna employees?

Well….

You must know that when Apollo took over the Cox stations they cut and cut and cut again and took what was once one of the best media companies and turned it into another money-grubbing also-ran.

Stay tuned…