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Standard General has received substantial backing from civil rights organizations, legislators, and minority media groups for its acquisition of TEGNA Inc. (TGNA). This transaction is poised to create the largest minority-owned and female-led broadcast group in U.S. history, enhancing local news programming and media diversity. Standard General aims to improve local broadcasting services, increase investment in local journalism, and localize management for better community responsiveness. An informational website, www.SGandTEGNA.com, has been launched to provide updates and insights on the acquisition.
Positive
Creation of the largest minority-owned and female-led broadcast station group in history.
Increased investment in local news coverage and programming.
Strengthening local broadcasting in communities across America.
Broad support from civil rights organizations and legislators enhancing reputation.
Negative
Potential challenges in integrating TEGNA's existing operations and culture.
Financial strain related to the scale of the proposed acquisition.
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
NEW YORK--(BUSINESS WIRE)--
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-AmericanAssociations, 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 10thCongressional 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.
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.
For media inquiries:
Standard General
Andy Brimmer / Jamie Moser / Jack Kelleher Joele Frank, Wilkinson Brimmer Katcher 212-355-4449
Source: Standard General L.P.
FAQ
What is the significance of Standard General's acquisition of TEGNA (TGNA)?
The acquisition is significant as it will create the largest minority-owned and female-led broadcast station group in U.S. history, aiming to enhance local broadcasting and media diversity.
What benefits are expected from the Standard General and TEGNA transaction?
The transaction is expected to increase investment in local news coverage, improve community responsiveness, and diversify media ownership.
How will the acquisition impact local news coverage?
It will strengthen local news programming and increase the resources available for local journalism.
What organizations support the acquisition of TEGNA (TGNA) by Standard General?
The acquisition has garnered support from numerous civil rights organizations, legislators, and minority media groups.
