Report: TEGNA Shareholder Looking For Seats On Board, Strategic Review, Possible Sale Of Company

Sale?

BLOOMBERG is reporting that STANDARD GENERAL, owner of 9.8% of the stock in TEGNA, is asking for two seats on the broadcaster's Board of Directors and has also asked for a strategic review that could include a possible sale of the company, which primarily owns television stations but also owns radio clusters in SAN DIEGO and COLUMBUS, OH. STANDARD GENERAL is TEGNA's third-largest shareholder.

TEGNA, the former GANNETT television division, acquired its radio properties, News-Talk KFMB-A and Rock KFMB-F/SAN DIEGO and Sports WBNS-F (97.1 THE FAN) and Sports WBNS-A (ESPN 1460)/COLUMBUS, in deals to acquire MIDWEST TV and DISPATCH BROADCAST GROUP. The company has reportedly been the object of interest from APOLLO GLOBAL MANAGEMENT, the private equity firm that is acquiring the COX MEDIA GROUP properties (NET NEWS 8/22).

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