Industry Experts and Third Party Commentary

“Tegna has been viewed as a capable custodian, but not a great captain, of its treasure trove of virtuous assets. According to some analysts and potential buyers, the company has consistently under-performed.

–  Adonis Hoffman, Esq., 2013 – 15 Chief of Staff & Sr. Legal Advisor at the FCC; Contributor to Broadcasting + Cable; April 14, 2020

“Despite the beat and positive outlook, TGNA shares traded down -6% relative to the market +0.2% and broadcaster peers mostly up [following Q4 and full year 2019 earnings]. We think this reflects a view that management will continue to pursue its current strategy as opposed to a sale, as some investors may have thought or hoped for after involvement from activist funds.”

– JP Morgan; February 11, 2020

“The company is the only one so far to force employees to take furloughs just weeks into the COVID-19 pandemic. They have replaced some anchors with comedians and using buyouts, got rid of longtime journalists.

– FTVLive; April 10, 2020

“One of the best aspects of working as a board member alongside Soo Kim is that he is a large shareholder, and as a result I know that the motivation behind his decisions is to create value for all investors and stakeholders. Soo operates with the highest level of integrity and is very strategic.”

– Jeff Rollins, Director, Twin River Worldwide Holdings; April, 2020

“Standard General is no ordinary suitor. It owns nearly 12 percent of Tegna’s shares and is led by the steady hand of Sooyung Kim, a skillful and successful aggregator of underperforming companies. Soo’s ability to build coalitions and navigate thorny paths should not be overlooked.”

–  Adonis Hoffman, Esq., 2013 – 15 Chief of Staff & Sr. Legal Advisor at the FCC; Contributor to Broadcasting + Cable; April 14, 2020

Tegna making cuts while Gray Television does opposite… Gray Television has sent an email memo to staff to indicate that the company will not be implementing layoffs or furloughs during the pandemic… It’s refreshing & reassuring to read that at least one corporate broadcaster is trying to ‘weather the storm’ & forgo profits & corporate revenue income for the sake of keeping hard-working staff on air & ensuring the public remains informed during this trying time.”

–  PugetSound.Media; April 6, 2020

Tegna has lost half of its value over the past six months as the company’s operating revenue has fallen short of analyst projections amid slower-than-expected sales in a non-political year. The company has also struggled to find the right core of investors in the wake of Gannett’s decision to separate its TV-stations from its legacy print businesses.”

–  TheStreet; October 2, 2017

“I had the pleasure to work with Soo Kim for a number of years on the Media General Board of Directors, and I can say with certainty that Soo is a person who is focused on maximizing shareholder returns. Soo is open to others’ perspectives, believes in the importance of diversity, and is an excellent communicator. He made vitally positive contributions to the Media General board, especially in the area of pay for performance and the wise allocation of capital.”

– Wyndham Robertson, Director of Media General, Inc. from 2012 – 17; March, 2020

[Soo Kim] has a history of building media companies through deal-making and creating value.

– Indianapolis Business Journal; July 19, 2019

There’s a lot of rigor in [Soo Kim’s] analysis. He’s very thoughtful in his approach. He saw the value in broadcasting when he took a position in Young. I think he quickly realized the industry was about to consolidate and wanted to participate in that upside.”

–  George Mahoney, Former President & CEO, Media General; September 24, 2014