Kim demanded a board seat for himself, but offered no concrete ideas to create shareholder value.”
Standard General’s Media-Related Investments and Experience Media General, Inc. (NYSE:MEG) 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.
"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," Kim says, adding that Tegna keeps publishing investor materials omitting any reference to the bidding.Standard General says it expects the board to pursue the offers "vigorously" and give interested parties access to due diligence.
Standard General LP, which owns 12% of the company and has been seeking four board seats. Rather, the hedge fund takes large ownership stakes -- it had 50% control of Young Broadcasting at one point -- and uses them to take board seats and direct management. In a letter to shareholders, the investment fund said it has been rebuffed by Tegna management in its quest for the board seats. Last week, Standard General disclosed a 9.8% stake in Tegna, which owns 64 local TV stations and four radio stations in the U.S., in 51 markets.Tegna has already drawn the interest of private equity behemoth Apollo Management, which is in the process of wrapping up another deal to acquire 13 stations from Cox Enterprises Inc. Apollo told Tegna it was willing to do both TV deals simultaneously and could pay a premium based on the broadcaster’s 52-week high, according to people familiar with the matter.Tegna rebuffed Apollo’s approach, which the company “Standard General has a successful track record of actively working with publicly-listed television broadcasting companies,” said Kim, managing partner and chief investment officer at Standard General. Hedge fund was involved with Young Broadcasting, Nexstar deals Standard General - an interested activist with a rival slate for the board at Tegna (NYSE:TGNA) - has weighed in on a crowded race to acquire … Standard General LP launched an offensive against Tegna Inc. as part of its efforts to replace four board members at the Tysons television station operator with its own slate of directors. The broadcaster didn’t receive an exact offer price from Apollo in writing, one of the people said.Kim, who co-founded Standard General in 2007 after working at Bankers Trust, Och-Ziff Capital Managment, and starting Cyrus Capital Partners, has been on the board of a number of TV station firms.
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