Tegna shareholder Standard General to nominate four directors at next meeting
Tegna shareholders Standard General, owner of approximately 9.7% of the company's outstanding shares, will nominate a slate of four independent candidates for election to the Board of Directors at the company's 2020 Annual Meeting of Shareholders. Standard General has issued the following open letter to Tegna shareholders. The letter states, among other things: "(...) We are the company's largest shareholder, excluding index funds, and we own approximately 20 times as many shares as the current Board and management combined. (...) Tegna is the most important local affiliate television broadcasting company not currently at the regulatory ownership cap. (...) Given the quality of its assets, Tegna should be delivering best-in-class performance, and commensurate shareholder returns. Tegna shares, however, have consistently underperformed its closest local broadcasting peers. (...) In contrast, since we disclosed our ownership stake and the press reported that Apollo Global Management was interested in buying TEGNA, the stock price has increased by approximately 25%. In our view, this disparity in stock price performance underscores that investors want and expect significant changes at Tegna. (...) we strongly believe that TEGNA shareholders would benefit from having a representative of Standard General on the Tegna board. (....) members of management and the TEGNA board refused our reasonable request for board representation. (...) As a result, we are compelled to take the step of nominating our own candidates for election to the Tegna board. (...) Our nominees have significant operating experience in the television broadcasting industry and backgrounds spanning strategic planning, finance, M&A, and technology. (...)"