Tegna shareholder Standard General to become actively engaged, plans talks
In a regulatory filing, Standard General disclosed a 9.8% stake in Tegna and noted that the firm originally acquired, and continues to hold, the securities for investment purposes. Standard General said in the filing that it has "continually reviewed" the investment "in light of the [company's] published financial results and disclosures, changes in the trading price of shares of common stock, conditions in the securities market, and general economic and industry conditions and other factors." Standard filed a Schedule 13G on August 14 but is now filing a Schedule 13D to supersede their previously filed Schedule 13G, indicating the firm's intent to be actively engaged. Standard has "experience as significant shareholders and directors of publicly-listed television broadcasting companies [and] a successful track-record of overseeing acquisitions, mergers, and sales processes of publicly-listed television broadcasting companies. Accordingly, the [investors] now intend to become actively engaged with the [company]. These activities may include speaking with management, the board, other shareholders, and third parties to gather information and share the Reporting Persons' views on the Issuer's strategic alternatives, including the previously disclosed offers for the Issuer as well any other proposals that may be made to the [company]."