The stock price of Tegna rose 5.47% to $15.82 on Monday, boosted by a report in The Wall Street Journal on Friday that Apollo had approached the broadcasting company earlier this year with an offer to buy Tegna "at a premium."
Shares of Tegna rose 10.21% on Friday, closing at $15.
While Tegna rebuffed the offer, Apollo has remained "in regular contact" with executives of the broadcasting company, which was split off by Gannett after the media giant spun out USA Today and its local papers into a separate company in 2016.
Apollo, which owns its own stable of TV stations, is also open to other options, such as combining its stations with those of Tegna or even selling them to the broadcaster, the Jourmal reported.
Apollo has been on a buying spree as of late when it comes to TV stations. The private-equity firm inked a deal for a majority stake in Cox Media Group in February and hammered out another agreement with Northwest Broadcasting to scoop up 20 stations.
Meanwhile, Tegna has been on an acquisition roll of it own, recently acquiring two top stations in Indianapolis and Columbus for $535 million in cash.