Overview of Standard General L.P.

Standard General L.P. is an SEC-registered investment advisor managing event-driven opportunity funds with significant experience in the local TV broadcasting space.

Standard General was founded in 2007 and primarily manages capital for public and private pension funds, endowments, foundations, and high net-worth individuals.

Standard General’s extensive experience in local television broadcasting includes investments in: Media General, a former publicly-traded broadcasting company now part of Nexstar Media Group; Standard Media Group, an innovative and diverse media company committed to high-quality local news; and MediaCo Holding, a diversified media holding company that invests in two local radio stations.

Standard General invested in TEGNA because of our conviction that TEGNA should be the premier pure-play local broadcasting company. Given the quality of its assets, TEGNA should be delivering best-in-class performance and commensurate shareholder returns. Instead, TEGNA has consistently underperformed its closest pure-play local affiliate broadcasting peers.

Standard General has been the largest active investor in Tegna since 2019.

We own approximately 10.7x as many shares as the current TEGNA Board and management combined. Our interests are directly aligned with yours.

We have an excellent track record of endorsing and executing corporate actions that create value and benefit all shareholders and a history of delivering profitable outcomes in similarly situated local TV broadcasting companies.

We believe that replacing three of TEGNA’s 12 current directors with our diverse, highly qualified, and independent nominees will advance change that is urgently needed and benefits all shareholders. Our director nominees are committed to rigorous oversight of TEGNA’s management, operations and business strategy. The addition of our nominees will also provide TEGNA with a board that much better reflects the diversity of its audience.

The addition of our nominees is a critical first step to ensure that TEGNA is on the right path to maximize value for all shareholders. Join us in demanding real change at TEGNA by voting for Standard General’s immensely qualified nominees. For more information on how to vote, please click here.