Gabelli analyst Brett Harriss noted The Wall Street Journal's recent report that Tegna (TGNA) was approached by Apollo Global (APO) regarding a potential transaction and while he thinks Tegna would be an attractive acquisition target whose assets would fit well with Apollo's, he also thinks valuation could be an issue. Tegna shares traded at $13 per share before takeout speculation emerged and he views 11x as the upper end for broadcast multiples, which would imply a $19 per share value for Tegna, said Harriss. He maintains a Buy rating on Tegna shares.

Sony Pictures (SONY) and Apollo Global (APO) have been in talks over partnering for a joint offer to buy Paramount (PARA), the New York Times' Benjamin Mullin and Lauren Hirsch report, citing two people familiar with the matter. The two companies have not submitted an official bid, as the CBS parent is still in exclusive discussions with Skydance over a potential deal, the authors say, noting the potential Skydance pact has drawn significant pushback from shareholders. Reference Link