Underscores Commitment to Maximizing Value for All Shareholders
NEW YORK, April 3, 2020 /PRNewswire/ -- Standard General L.P. announced today that it has increased its stake in TEGNA Inc. ("TEGNA" or the "Company") (NYSE: TGNA) by more than 20%, reaching an ownership interest of nearly 12%, and that it believes it is now the Company's single largest shareholder.
"We are fully committed to TEGNA, and we are not going anywhere," said Soo Kim, Founding Partner of Standard General L.P., adding: "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. Our exceptional nominees have the needed experience and expertise to implement changes to TEGNA's business, operations, capital allocation and strategy to transform the Company into the best-in-class operator it should be."
Mr. Kim continued: "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. Recently, TEGNA has attempted to mislead shareholders and has falsely implied that by reducing the number of physical shares we own, that we reduced our economic interest in the company. In fact, Standard General has actually recently INCREASED its investment by more than 20%."
Shareholders should visit www.TomorrowsTEGNA.com for more information and are urged to vote the WHITE proxy card for Standard General's nominees at TEGNA's Annual General Meeting, which is scheduled for April 30, 2020.
About Standard General L.P.
Standard General L.P. is a New York City-based SEC-registered investment advisor that manages event-driven opportunity funds. Standard General was founded in 2007 and primarily manages capital for public and private pension funds, endowments, foundations, and high net-worth individuals. For more information, please visit http://www.standardgenerallp.com/.
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Standard General L.P., together with the other participants in Standard General's proxy solicitation, has filed a definitive proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit proxies in connection with the 2020 annual meeting of shareholders (the "Annual Meeting") of TEGNA Inc. (the "Company"). Shareholders are advised to read the proxy statement and any other documents related to the solicitation of shareholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Standard General's proxy solicitation. These materials and other materials filed by Standard General with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Standard General with the SEC are also available, without charge, by directing a request to Standard General's proxy solicitor, Okapi Partners LLC, at its toll-free number 1-855-208-8902 or via email at email@example.com.
SOURCE Standard General L.P.