Standard General Issues Statement on Acquisition of TEGNA Inc.
Standard General L.P. has announced its pending acquisition of TEGNA Inc. (TGNA) is under regulatory review, with concerns from authorities about potential negative impacts on cable and satellite TV consumers amid inflation concerns. To address these regulatory issues, Standard General has pledged to waive certain rights related to the transaction, reflecting its commitment to public interest benefits. The company remains optimistic about TEGNA's future under its leadership and is committed to collaborating with regulators to finalize the acquisition.
- Standard General has committed to waive certain contractual rights to alleviate regulatory concerns.
- The acquisition reflects a strategic interest in enhancing TEGNA’s market positioning.
- Regulatory authorities have expressed concerns regarding potential negative impacts on consumers.
- Ongoing regulatory review may delay the completion of the acquisition.
“Our proposed acquisition of
The regulatory authorities have expressed concerns to us that our transaction could result in negative impacts on cable and satellite TV consumers in an environment where the government has a heightened focus on inflation.
To address these concerns in a manner consistent with our obligations under our merger agreement, we have committed to waive certain contractual rights we would have had as a result of the transaction. This commitment further demonstrates the public interest benefits of the transaction.
We continue to be excited about the bright future we see for
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.
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.
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FAQ
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