It now appears that Gray Television may also be interested in acquiring Tegna.
TheStreet.com writes that "Tegna has been adamant [that] 'we're not selling; we look to be a buyer,'" Benchmark's Kurnos said. However, investors could push for a sale, especially if a rival such as Gray or Nexstar came forward. Gray and Nexstar declined to comment.
A merger with Gray could be akin to Meredith's failed 2015 merger with Media General Inc. Though Meredith's management would take the lead of the post-merger company, Media General shareholders would receive the majority of the shares. Nexstar trumped Meredith's bid.
A deal between Tegna and Nexstar could be a straight-up merger.