Standard General Pushes TEGNA Board To Respond To Offers

Offers On Table

With offers to buy TEGNA on the table, 9.7% shareholder STANDARD GENERAL wants the company to comment on the possible deals, issuing a statement calling on TEGNA's board to address the situation.

In the wake of GRAY TELEVISION pulling its $20/share offer and TRINITY BROADCASTING CO. and private equity firm NAJAFI COS. teaming for its own cash offer of $20/share, joining BYRON ALLEN and APOLLO GLOBAL MANAGEMENT as suitors for the former GANNETT television division, STANDARD GENERAL Founding Partner SOO KIM released a statement saying, "It has been two weeks since we commented on the obligation of the TEGNA Board to run a full and fair process, with the assistance of independent advisors, to explore all alternatives to maximize value for all shareholders. During that time, there have been numerous reports of interest from credible third parties in an acquisition of TEGNA, but to date TEGNA has made no public statement regarding these proposals. Indeed, TEGNA continues to publish investor materials that omit any reference to these acquisition proposals, which present the opportunity for all shareholders to realize a substantial premium to the undisturbed market price of TEGNA common stock.

"Consistent with its fiduciary responsibility to maximize the value of shareholders' investment, we expect the TEGNA Board to pursue these offers vigorously. We expect TEGNA to give interested parties access to due diligence to enable those parties the opportunity to develop their offers for the Company. In light of challenging market conditions, TEGNA should be open to creative structures and financing solutions that will maximize value and certainty for all shareholders.  STANDARD GENERAL remains ready to work with TEGNA to help thoughtfully evaluate all alternatives. However, if the TEGNA Board takes actions that discourage or create obstacles for credible third parties, we will hold the Board and its advisors accountable."

STANDARD GENERAL has nominated five of its own candidates for the TEGNA board as part of a proxy fight over the company's future. TEGNA owns two radio stations, Sports WBNS-F (97.1 THE FAN) and Sports WBNS-A (ESPN 1460)/COLUMBUS, acquired with the DISPATCH television stations in COLUMBUS and INDIANAPOLIS, and closed this week on the sale of Adult Hits KFMB-F (100.7 SAN DIEGO) and News-Talk KFMB-A/SAN DIEGO to LOCAL MEDIA SAN DIEGO, with the buyer immediately spinning off KFMB-A to iHEARTMEDIA.

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