Support Received from Numerous Civil Rights
Organizations, Legislators and Labor and Minority Media Groups
Key Stakeholders Recognize the Significant
Benefits of the Transaction, Including Investment in Local News
Coverage and Programming and Advancing Media Diversity
Standard General L.P. (“Standard General”) today highlighted the
significant support it has received from numerous civil rights
organizations, legislators and labor and minority media groups for
its acquisition of TEGNA Inc. (“TEGNA”) (NYSE: TGNA). Standard
General reiterated that the proposed acquisition of TEGNA will
yield significant public interest benefits by strengthening local
broadcasting in communities across America and creating the largest
minority-owned and female-led broadcast station group in U.S.
history, dramatically increasing minority broadcast ownership and
diversity of viewpoints. Standard General also today announced the
launch of www.SGandTEGNA.com, an informational website to provide
the public with important facts about the transaction, share its
vision for the future of TEGNA, and highlight the broad support for
the transaction.
“We thank all those who have publicly voiced their support for
our proposed acquisition of TEGNA,” said Soo Kim, Founding Partner
of Standard General. “Many have pointed to our proven track record
of enhancing stations’ service to their local communities,
increasing local news content, and investing in the resources
stations need to compete successfully. We are confident that the
acquisition of TEGNA will open a new chapter in American media
distribution, marked by an expansion in representation, diversity,
and innovation.”
“We look forward to building on TEGNA’s presence as a leading
local broadcast company with continued investment in local
journalism and newsgathering operations,” said Deb McDermott, CEO
of Standard Media. “Our commitment to journalism is backed by my
over two decades in this industry and the track record Standard
General and I have built together leading broadcast groups over the
last 12 years, and we look forward to the new company competing
vigorously in all markets it serves. We are grateful for the broad
support the transaction has received and look forward to exceeding
the expectations of all those who have recognized the promise a
revitalized TEGNA holds for serving local communities. And this is
not just about delivering on the exciting opportunities and
potential of this one transaction, but on creating a catalyst for
reinvigorating broadcasting in an era when its strengths are needed
more than ever.”
Regarding the proposed acquisition of TEGNA by Standard
General:
Civil rights organizations have stated:
“Advancing Justice - AAJC believes that Standard General’s
acquisition, led by Mr. Soo Kim, has the potential to be a
milestone for the Asian American and Pacific Islander (AAPI)
community in diversifying media ownership.”
“Advancing Justice - AAJC expresses its excitement for potential
greater diversity in broadcast ownership and leadership. With Mr.
Soo Kim leading Standard General, Standard General could become the
largest Asian American-owned business, the only Asian American-led
broadcast station group, and the largest minority-owned broadcast
station group. Diversity and representation at the leadership and
executive level is important to celebrate because it can create an
environment which allows for varying perspectives and experience,
which will ultimately benefit all our communities.”
– Asian Americans Advancing Justice, December
20, 20221
“Standard General’s Soo Kim has a long record of accomplishment
that demonstrates his commitment to diversity. As Dr. Ben Chavis
recently noted, Soo Kim’s vision for local news will help lower the
inequities in the broadcast industry and beyond. By approving this
deal, the FCC will help lower the barriers to access capital that
many people, especially in the minority community, face.”
– Raul Lopez, Founder and Executive Director
of Latinos for Tennessee, December 12, 20222
“I want to take this opportunity to extend my full support of
Mr. Soo Kim and Standard General. After meeting with Soo Kim and
upon careful and scrupulous review of his record on diversity and
inclusion, my team and I wholeheartedly support the purchase of
Tegna.”
– Reverend Jesse L. Jackson, Sr., Founder and
President of The Rainbow Push Coalition, December 12, 20223
“Standard General’s investment plan in TEGNA starts with people.
Stations acquired by Standard General have reported that conditions
for staff improved, with the company increasing the station
employee’s health benefits, adding paid time off, implementing
employee training programs, and investing in the station
facilities. In the acquisition of TEGNA, Standard General plans to
utilize systems and techniques which have proven successful in past
broadcast operations, including localizing management of local
stations to ensure that they are more responsive to the communities
they serve.”
– Adolphus M. Pruitt, II, President of the
St. Louis NAACP, November 14, 20224
“Diversity matters especially when it comes to local news. Mr.
Kim understands the dreams, struggles, and passions of the AAPI
community. Under his leadership Standard General and Tegna will
have the financial resources required to create new community
partnerships and bring diverse perspectives to local news
coverage.”
– Kelly Coldiron, Executive Director of The
National Federation of Filipino-American Associations, November 2,
20225
“I have been encouraged by comments [Soo] Kim has made in the
news media about wanting the stations his company would take
ownership of to include a range of voices and shine a light on
issues that might have been overlooked by prior media owners. He
might be stating the obvious that the better the quality of
television news, the bigger the audience share, and the more the
advertising revenue.”
– Yuri Cunza, President and CEO of the
Nashville Area Hispanic Chamber of Commerce, October 20, 20226
“The Board of the South Carolina African American Chamber of
Commerce and its representation of 15,000 African American small
businesses and entrepreneurs, recognize that Standard General's
purchase of TEGNA, which owns many local television stations across
the United States, will be a chance to preserve and revitalize the
engagement of minority communities in media markets served by the
new company.”
“The Standard General purchase of stations owned by TEGNA will
provide hope for a new growth and stability in minority-owned news
outlets and Standard General’s founder, Soo Kim, is the main reason
for this. He has made an active commitment in elevating the voice
of the Black community and promoting an inclusive dialogue.”
– Stephen L. Gilchrist, Chairman of the South
Carolina African American Chamber of Commerce, October 13,
20227
“We need to make room for new voices, new views, and new ways of
doing business. The proposed integration of TEGNA and Standard
General is an opportunity to ensure the long term viability of
local television news in the very communities where viewers live
and work.”
– Richard Rose, President of the Atlanta
NAACP, September 26, 20228
“This deal will enhance minority media ownership in a
transformative way. Standard General’s founder, Soo Kim, is a
well-respected voice and business leader in the AAPI
community.”
“As an advocate for greater representation of Asian Americans in
corporate and public sector leadership, Standard General's
acquisition, led by Mr. Soo Kim, will be a major milestone for the
Asian American Pacific Islander (AAPI) communities and other
communities of color in diversifying ownership and corporate
leadership in the media world.”
“This will be a major step forward for the Asian American
community and will ensure that U.S. broadcasting reflects the
rapidly transforming demographic landscape of the United
States.”
– Abraham Kim, Executive Director of the
Council of Korean Americans, August 26, 20229
“The creation of the largest Asian-American-owned business would
be a source of pride and celebration for the [Asian American and
Pacific Islander] community.”
“Mr. Kim has said clearly and repeatedly that he wants to make
local television news more substantive, responsive to local viewing
audiences, and inclusive of all voices in communities where TEGNA
stations operate. He has committed to spending money on expanding
reporting staff, growing training opportunities, and investing in
technology and equipment so that when people turn on the local
television news, they will be more fully informed of issues that
affect them directly. Mr. Kim’s approach is exactly what the
country needs.”
– The National Asian/Pacific Islander
American Chamber of Commerce and Entrepreneurship, August 25,
202210
“The significance of this acquisition in elevating the voices
and images of historically marginalized communities cannot be
overstated and must be analyzed through historical, economic and
social prisms.”
“This new company will undoubtedly breathe a new breath of life
into a culturally antiquated industry devoid of the true riches
born out of a real multicultural establishment. This new company
will operationalize a robust and rigorous vision of inclusion and
industrial scale access for Communities of Color, writ large, but
specifically to the Black community which through long suffering
and moral fortitude has long sought and fought for.”
– Reverend Kirsten John Foy, President &
CEO, The Arc of Justice, July 11, 202211
Legislators have stated:
“The numbers don’t lie – we must ensure that ownership at
broadcast stations better reflects the rich diversity of the
communities that they serve. We still have work to do, and we have
to do better.”
“This is why the Standard General-Tegna acquisition is
especially important. If the transaction goes through, Soo Kim, a
Korean American naturalized citizen, would be the first Asian
American to own and operate a major broadcast station group.
Additionally, it is my understanding that if this deal is approved,
the new entity would be the largest minority-owned broadcast
station group in America today. It would also be managed by a
leading female broadcast executive with a history of investing in
local news and in her employee base. I understand further that…at
least half of the proposed board of directors will be of minority
composition and a majority will be women.”
– The Honorable Marilyn Strickland,
Congresswoman of Washington’s 10th Congressional District, November
1, 202212
“By localizing station management and creating a cohesive team
environment, Standard General is poised to make an even greater
impact in the St. Louis region. With the FCC’s approval, this
proposed transaction will make Standard General the largest
minority-owned and female-led broadcast group in its history. This
acquisition has also been endorsed by the St. Louis Chapter for
NAACP for its diversity and equity. My community deserves a broader
voice and presence in the media and needs better access to the
critical information affecting their lives. For these reasons, I
encourage the FCC to approve this merger.”
– Brian Williams, State Senator of Missouri,
District 14, December 19, 202213
“In today’s media environment, there are fewer credible options
for consumers to turn to for their news than local media…Standard
General has a history of investing in and improving local newsrooms
and broadcast stations. Standard General’s investment plan in TEGNA
starts with people.”
– Wanika B. Fisher, Member of Maryland House
of Delegates, District 47B, November 10, 202214
“I write to support Standard General’s acquisition of Tegna
because the combined company will continue to invest in local
broadcast newsrooms across America. Standard General has a history
of bolstering local news stations and its investments will help
ensure that Americans will have access to the critical information
that impacts their daily lives.”
– Dan Shaul, State Representative of
Missouri, District 113, November 1, 202215
“The pending transaction between Standard General and Tegna
would create the nation’s largest
minority-owned, women-led broadcast group and increase total
minority ownership of U.S. television stations by more than 250%
overnight. I’m confident that Standard General, with its proven
track record, will once again embrace this opportunity to increase
minority representation across the Tegna channels.”
– Representative Terry Brown Jr., North
Carolina State Congressman, September 16, 202216
“We believe that this deal is in the public’s interest as it
will improve local news, increase diversity in media ownership, and
help modernize broadcast television for consumers. The communities
that we represent in Georgia, North Carolina, and South Carolina
stand to benefit immensely from Standard General’s
investments.”
“Standard General’s commitment to diversity and inclusion comes
from the top down, starting with its Managing Partner, Soo Kim. Mr.
Kim, an Asian-American, has a long history of serving as an ally to
communities of color and has used his investments in local
broadcast journalism to continue to create opportunities.”
– Senator Tonya Anderson, Representative
Patricia Henegan and Representative Kelly Alexander Jr., Chairs of
the Legislative Black Caucuses of Georgia, South Carolina, and
North Carolina, August 12, 202217
Labor, broadcasting, media, and other business organizations
have stated:
“My name is Raul Aguirre and I am writing to you today to
advocate in support of the pending merger between Standard General
and TEGNA. My career in the industry as a producer, anchor, and
host for Univision has taught me the importance of diverse voices
in broadcast journalism. I believe that the merger would have a
significant impact for minority communities across the
country.”
“The combined leadership of Soo Kim and Deb McDermott would
bring transformational change to the broadcast industry.”
– Raúl E. Aguirre, Founder of REA Media
Group, December 27, 202218
“Standard General’s vision for the new TEGNA, including its
Denver based stations KUSA and KTVD, is to invest in new digital
platforms, train journalists in the use of new technologies, and
support the development of new business models that can help local
news organizations to reach and engage with their audiences more
effectively.”
“As we look to the future of broadcast news it is vital that we
do everything we can to keep communities informed and engaged.
Ensuring that local television stations have the resources they
need to modernize and grow their operations will allow broadcast
news to remain competitive in an increasingly challenging time for
trustworthy news.”
– Debbie Brown, President of the Colorado
Business Roundtable, December 19, 202219
“If you are, as I am, for equality, equity, and believe in the
oneness of all humanity, then we must practice what we preach. This
is why I am publicly and forthrightly supporting the efforts and
leadership of Soo Kim, founder and managing partner of Standard
General. Kim is an effective and outstanding Korean American
business leader, and he is on record supporting greater Diversity,
Equity and Inclusion (DEI) in our nation’s media ownership
landscape.”
– Dr. Benjamin F. Chavis Jr., President and
CEO of the National Newspaper Publishers Association (NNPA)
representing the Black Press of America, November 29, 202220
“The broadcasting industry needs more women in senior positions
to support this type of growth. Deb McDermott at Standard Media is
a role model in our industry. She has a long record of leading with
purpose, treating people with respect, and investing in people. It
is because of this thoughtful approach that I want to express my
support for the proposed merger between Standard General and TEGNA
with Deb McDermott set to lead the new company.”
– Marcia Green, Former Director of
Programming for WQAD-TV, November 18, 202221
“Mr. Kim has been engaged with UNITE HERE and has made sure to
maintain a strong working relationship [with] the Union. We know by
his actions that he understands the issues that matter to organized
labor and has been constructive in his approach, and as a result we
support this transaction.”
– D. Taylor, International President of UNITE
HERE, November 18, 202222
“Standard General’s acquisition of TEGNA would dramatically
enhance minority ownership in the broadcast television industry. My
work with the Hispanic community in the United States and abroad
has given me a front row seat to the demographics of our society.
Yet despite these changes, the broadcast industry is still lacking
diverse representation at senior levels of leadership. Standard
General’s CEO, Soo Kim, is a well-respected minority business
leader who is committed to creating opportunities for minority
communities and women leaders.”
– Gil M. Cisneros, Under Secretary of Defense
for Personnel and Readiness and Chairman and CEO of the Chamber of
the Americas, November 16, 202223
“Our industry needs fresh ideas and real investment to access
new audiences while continuing to serve those who have relied on us
for years. Soo Kim and Deb McDermott have a proven track record of
enhancing the quality of the news stations that they invest in.
They have publicly committed to reinvigorating Tegna’s brands with
new technology like streaming and NextGen TV broadcasting which
will help our industry stay competitive in an increasingly digital
world.”
– Bob Houghton, President of the Georgia
Association of Broadcasters, November 10, 202224
“We, as women leaders in technology, are submitting this letter
to express our support for Deb McDermott, CEO of Standard Media.
With the hopeful merger between Standard Media and Tegna, Inc, Mrs.
McDermott is poised to lead the largest female-led broadcast
company in the nation.”
“Not only will the combined company be led by a celebrated
female executive, more than half of the board will be women, as
well as 50 percent minority led. It is time to bolster this
commitment to diverse leadership as an example of what the future
holds.”
– Advocating for Women in Tech, August 24,
202225
“As the most influential Hispanic Print & Digital Media
Organization in the country, NAHP believes that the transaction
falls in line with our organization’s mission: to better serve and
empower Hispanic communities through demonstrated commitment to
diversity and inclusion.”
– Alvaro Gurdián, President of the National
Association of Hispanic Publications, August 8, 202226
“This transaction is poised to provide a shot in the arm to
local journalism and local newsrooms across the country, offering
tangible benefits to consumers nationwide.”
“The new Standard General-Tegna combination would reinvigorate
broadcasting, add programming diversity and strengthen a
much-needed resource for consumers in their local communities.”
– Steve Pociask, President and CEO at
American Consumer Institute, Center for Citizen Research, August 7,
202227
“Estrella Media believes that the Transaction will increase the
diversity of available broadcast programming, thereby furthering
the public interest.”
“From our viewpoint, approval of the Transaction will provide
Estrella Media with enhanced opportunities to partner with Standard
General and new TEGNA to better serve the Hispanic community in the
United States, a community that has historically been
underserved.”
– Arya Towfighi, Executive Vice President and
General Counsel of Estrella Media, August 1, 202228
About Standard General
Standard General was founded in 2007 and manages capital for
public and private pension funds, endowments, foundations, and
high-net-worth individuals. Standard General is a
minority-controlled and operated organization. Mr. Kim is supported
by a diverse, highly experienced 17-person team, including seven
investment professionals with over 120 years of collective
investing experience.
Cautionary Statement Regarding Forward-Looking
Statements
This communication includes forward-looking statements within
the meaning of the “safe harbor” provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are based on a number of assumptions about future events
and are subject to various risks, uncertainties and other factors
that may cause actual results to differ materially from the views,
beliefs, projections and estimates expressed in such statements.
These risks, uncertainties and other factors include, but are not
limited to, the following: (1) the timing, receipt and terms and
conditions of the required governmental or regulatory approvals of
the proposed transaction and the related transactions involving the
parties that could reduce the anticipated benefits of or cause the
parties to abandon the proposed transaction, (2) risks related to
the satisfaction of the conditions to closing the proposed
transaction (including the failure to obtain necessary regulatory
approvals), and the related transactions involving the parties, in
the anticipated timeframe or at all, (3) the risk that any
announcements relating to the proposed transaction could have
adverse effects on the market price of TEGNA’s common stock, (4)
disruption from the proposed transaction making it more difficult
to maintain business and operational relationships, including
retaining and hiring key personnel and maintaining relationships
with TEGNA’s customers, vendors and others with whom it does
business, (5) the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement entered into pursuant to the proposed transaction or of
the transactions involving the parties, (6) risks related to
disruption of management’s attention from TEGNA’s ongoing business
operations due to the proposed transaction, (7) significant
transaction costs, (8) the risk of litigation and/or regulatory
actions related to the proposed transaction or unfavorable results
from currently pending litigation and proceedings or litigation and
proceedings that could arise in the future, (9) other business
effects, including the effects of industry, market, economic,
political or regulatory conditions, (10) information technology
system failures, data security breaches, data privacy compliance,
network disruptions, and cybersecurity, malware or ransomware
attacks, and (11) changes resulting from the COVID-19 pandemic,
which could exacerbate any of the risks described above.
Readers are cautioned not to place undue reliance on
forward-looking statements made by or on behalf of Standard
General. Each such statement speaks only as of the day it was made.
Standard General undertakes no obligation to update or to revise
any forward-looking statements. The factors described above cannot
be controlled by Standard General. When used in this communication,
the words “believes,” “estimates,” “plans,” “expects,” “should,”
“could,” “outlook,” and “anticipates” and similar expressions as
they relate to Standard General or its management are intended to
identify forward looking statements. Forward-looking statements in
this communication may include, without limitation: statements
about the potential benefits of the proposed acquisition,
anticipated growth rates, Standard General’s plans, objectives,
expectations, and the anticipated timing of closing the proposed
transaction.
_______________________________ 1
https://www.fcc.gov/ecfs/search/search-filings/filing/122060402285
2
https://www.fcc.gov/ecfs/search/search-filings/filing/121515767455
3
https://www.fcc.gov/ecfs/search/search-filings/filing/1212188571066
4
https://www.fcc.gov/ecfs/search/search-filings/filing/1110222446191
5
https://www.fcc.gov/ecfs/search/search-filings/filing/110227746700
6
https://www.fcc.gov/ecfs/search/search-filings/filing/1020739325143
7
https://www.fcc.gov/ecfs/search/search-filings/filing/10131615527364
8
https://www.fcc.gov/ecfs/search/search-filings/filing/109262110105408
9
https://www.fcc.gov/ecfs/search/search-filings/filing/1082659649283
10
https://www.fcc.gov/ecfs/search/search-filings/filing/10825163703891
11
https://www.fcc.gov/ecfs/search/search-filings/filing/10713072534797
12
https://www.fcc.gov/ecfs/search/search-filings/filing/1121006721831
13
https://www.fcc.gov/ecfs/search/search-filings/filing/121932639304
14 https://www.fcc.gov/ecfs/document/121344714562/1 15
https://www.fcc.gov/ecfs/search/search-filings/filing/1121834702388
16
https://www.fcc.gov/ecfs/search/search-filings/filing/109160616821881
17
https://www.fcc.gov/ecfs/search/search-filings/filing/10812288312582
18
https://www.fcc.gov/ecfs/search/search-filings/filing/1228418702311
19
https://www.fcc.gov/ecfs/search/search-filings/filing/1220210112945
20
https://blackpressusa.com/op-ed-the-time-is-now-for-increasing-diversity-in-american-media-ownership/
21
https://www.fcc.gov/ecfs/search/search-filings/filing/112715696531
22
https://www.fcc.gov/ecfs/search/search-filings/filing/1118194585810
23
https://www.fcc.gov/ecfs/search/search-filings/filing/1121752705229
24
https://www.fcc.gov/ecfs/search/search-filings/filing/11090588020284
25
https://www.fcc.gov/ecfs/search/search-filings/filing/1090801075473
26
https://www.fcc.gov/ecfs/search/search-filings/filing/1080837409723
27
https://www.fcc.gov/ecfs/search/search-filings/filing/108082904018813
28
https://www.fcc.gov/ecfs/search/search-filings/filing/10801289898823
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230109005940/en/
For media inquiries: Standard General Andy Brimmer /
Jamie Moser / Jack Kelleher Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
TEGNA (NYSE:TGNA)
Historical Stock Chart
Von Feb 2023 bis Mär 2023
TEGNA (NYSE:TGNA)
Historical Stock Chart
Von Mär 2022 bis Mär 2023
