Standard General prefers to work closely with management teams, though it also has a history of seeking board representation when it’s a major shareholder.Tegna’s management has met with Standard General in recent weeks and will do so again soon, people familiar with the matter said. The company tried to acquire nine stations from Sinclair in 2018, but the deal fell through after Sinclair’s acquisition of Tribune Media Co. fell apart.“As the single largest active shareholder of Tegna, we are looking forward to a constructive dialogue with the management team, and to leveraging our experience to secure the best possible outcome for the company,” Kim said. Standard General LP, the hedge fund that once sold a collection of newspapers to Warren Buffett, is back in the media business with a stake in TV broadcaster Tegna Inc. … Private equity firm Standard General has increased its stake in Tegna as activist investor Soo Kim intensifies his fight for management changes … Kim demanded a board seat for himself, but offered no concrete ideas to create shareholder value.” 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. "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. In a letter to shareholders, the investment fund said it has been rebuffed by Tegna management in its quest for the board seats. Now Standard General wants to bring that experience to bear by taking an activist role at Tegna, Chief Investment Officer Soo Kim said in an interview. “In our role as significant shareholders and directors of companies in the sector, which has included significant expertise in M&A, we have created considerable value for investors.”If Tegna doesn’t work with Standard General to explore deals, it could face a tense situation with its new top investor. 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. 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’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.
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