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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TEGNA Inc | NYSE:TGNA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.25 | 1.83% | 13.89 | 13.995 | 13.70 | 13.70 | 1,775,581 | 01:00:00 |
NEW YORK, April 7, 2020 /PRNewswire/ -- Standard General L.P., the largest shareholder of TEGNA Inc. ("TEGNA" or the "Company") (NYSE: TGNA), with an ownership interest of nearly 12% of the Company's outstanding shares, today released an investor presentation detailing the performance failures, strategic missteps, and corporate governance issues underlying sustained underperformance and value destruction at TEGNA. The presentation also highlights the expertise of Standard General's four nominees, who are committed to a thorough review of TEGNA's operations, capital allocation, and strategic alternatives to maximize value for all shareholders.
Standard General encourages its fellow shareholders to read the presentation, as well as its proxy materials and shareholder letters, which are accessible at www.TomorrowsTEGNA.com.
Why Shareholders Should Vote for Change at TEGNA
The presentation highlights that Standard General's four exceptional nominees would bring new and independent perspectives to TEGNA's Board, fill the critical void of relevant industry expertise, and move swiftly to conduct a full and fair evaluation of TEGNA's operations and strategic alternatives to maximize shareholder value. If elected, the nominees have the following priorities:
TRANSFORM TEGNA INTO THE BEST-IN-CLASS OPERATOR
WE BELIEVE IT SHOULD BE – TOMORROW'S TEGNA
VOTE THE WHITE PROXY CARD TODAY
If you have any questions, or need assistance
voting your WHITE proxy card, please contact:
Okapi Partners
1212 Avenue of the Americas, 24th Floor
New York, NY 10036
Telephone for Banks, Brokers, and International Shareholders: +1 212-297-0720
Shareholders may call toll-free (from the U.S. and Canada): +1 855-208-8902
Email: info@okapipartners.com
About Standard General
Standard General was founded in 2007 and primarily manages capital for public and private pension funds, endowments, foundations, and high net-worth individuals. Standard General's extensive experience in local television broadcasting includes investments in: Media General, a former publicly-traded broadcasting company now part of Nexstar Media Group; Standard Media Group, an innovative and diverse media company committed to high-quality local news; and MediaCo Holding, a holding company that invests in local broadcast media and radio stations.
Media General was a publicly-traded broadcaster which, like TEGNA, had a long tradition in print media, and had divested those assets to pursue a pure-play broadcasting strategy. As a substantial shareholder with a single Standard General principal on the Board, we worked constructively with the management team and directors to help guide Media General through a merger with publicly-traded LIN Media LLC that more than doubled its station portfolio.
Following that merger, we helped oversee substantial increases in cash flow through a series of operational improvement initiatives and strategic acquisitions before ultimately selling the combined company to Nexstar Media Group in transaction valued at approx. $5 billion. The sale price represented a multiple of 11.2X EBITDA and an implied return of 179% during our 3.6 years of ownership. Holders who continue to own the stock today have earned a 280% return over 6.6 years.
Media Contact
media@standgen.com
Important Information
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 info@okapipartners.com.
View original content:http://www.prnewswire.com/news-releases/standard-general-releases-investor-presentation-outlining-case-for-change-at-tegna-301036997.html
SOURCE Standard General L.P.
Copyright 2020 PR Newswire
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