Investment private equity firms Standard General and Apollo Global Management announced last week they are jointly purchasing broadcasting holding company TEGNA for $5.4-billion. The purchase will include San Diego CBS affiliate KFMB (TV), which had been picked up by TEGNA in late 2017.

Standard General previously led Young Broadcasting out of bankruptcy, with the company acquiring a controlling stake in Media General, which sold to Nexstar in 2018. Apollo, meanwhile, owns the TV stations that had been operated by Cox Media Group, having acquired them in 2019.