Activist Investor Boosts Stake In Broadcaster Tegna

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Investment group Standard General said Friday it boosted its stake in Tegna and now owns 12% of the broadcaster. It believes it’s now the single largest shareholder.

“We are fully committed to Tegna, and we are not going anywhere,” said Soo Kim, Standard General’s founding partner. “This increase in our position underscores our conviction that the company’s intrinsic value is much higher than its market price, but also our belief that Tegna will not achieve its full potential without an upgraded Board.”

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Standard General has put forth an alternate slate of four board members in opposition to the company’s nominees.

“Our additional investment boosts our economic and financial exposure to the company’s equity and signals our steadfast commitment to driving change at Tegna for the benefit of all shareholders.”

Standard General has criticized the company’s leadership and expressed concern that it wasn’t engaging with handful of suitors that had been circling the company. Tegna said last week that of four interested bidders, two withdrew offers and the other two had not signed confidentiality agreements necessary to move negotiations further or shown where they would get the financing.

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