WKYC Parent Company Sold To Investment Firm For $5.6 Billion

CLEVELAND — The parent company of WKYC (Channel 3 in Cleveland) has been sold for $5.6 billion to a New York investment firm.

TEGNA, the company that owns WKYC, is being sold to an affiliate of Standard General for $24 per share, the two companies announced Tuesday.

Tegna also owns WTOL in Toledo, WBNS, WBNS-FM and WBNS-AM in Columbus. The deal should close in the second half of 2022, according to a statement from TEGNA.

“As long-term investors in the television broadcasting industry, we have a deep admiration for TEGNA and the stations it operates and, in particular, for TEGNA’s talented employees and their commitment to serving their communities," said Soo Kim, founding partner of Standard General.

Howard D. Elias, chairman of the TEGNA Board, said the sale would "maximizes value for TEGNA shareholders."

When the deal is finalized, TEGNA will become a private company and its shares will no longer be sold on the New York Stock Exchange.

In terms of leadership post-deal close, Deb McDermott will become CEO and Kim will serve as chairman of a new board. McDermott is currently CEO of Standard Media. She was previously COO of Media General and CEO and President of Young Broadcasting.

"We believe TEGNA has a strong foundation and exciting prospects for continued growth as a result of the stewardship of the Board and the current management team. We look forward to building on the company’s strong foundation and leveraging Deb’s deep industry experience to drive further growth," Kim said.