By Helen Coster and Krystal Hu

(Reuters) – Media entrepreneur Byron Allen has raised $10 billion in most well-liked fairness and debt for his bid for U.S. regional TV station operator Tegna Inc, hoping to prevail over a rival provide from funding corporations Apollo International Administration (NYSE:) Inc and Customary Common LP, individuals aware of the matter mentioned.

The financing is backed by a consortium of 14 banks and 10 buyers, together with Ares Administration (NYSE:) Corp, Fortress Funding Group, Oaktree Capital Administration and Michael Milken’s household workplace, one of many sources mentioned.

Ares is main a $2.2 billion most well-liked fairness funding in help of Allen’s financing bundle, one other of the sources added.

Tegna might select a successful bidder as early as this month, the sources mentioned.

Spokespeople for Tegna, Apollo, Oaktree and Michael Milken declined to remark.

Allen, who acquired the Climate Channel TV community for $300 million in 2018, made a $23 per share provide for Tegna in September, whereas Apollo and Customary Common provided $22 per share, in keeping with individuals aware of the matter.

Tegna desires each bidders to lift their presents, one of many sources mentioned. It additionally expects assurances from each bidders that they may entertain all regulatory calls for crucial to finish the acquisition, and views the Apollo/Customary Common bid as most probably to lift antitrust issues, the supply added.

Apollo owns 33 TV stations in 20 markets via its portfolio firm Cox Media Group, whereas Customary Common owns 4 TV stations, in keeping with their web sites.

Tegna reported third-quarter earnings on Thursday and mentioned on a name with analysts it was nonetheless evaluating acquisition proposals versus its stand-alone prospects.

The corporate recorded $756 million in income within the quarter, up 2% year-over-year. It has 64 tv stations in 51 U.S. markets, and a market worth of $7.75 billion together with debt.