Shareholder Materials

Standard General invested in TEGNA because we believe it owns the most strategic set of local broadcasting assets that, when operated correctly, can be enormously profitable and create significant value for shareholders.

However, since becoming a pure-play broadcaster, the Company has drastically underperformed its peers, levering its balance sheet and making acquisitions at premium prices, while the Board has seemingly squandered the opportunity to engage with numerous strategic buyers that have reportedly expressed interested in acquiring the Company at a substantial premium.

The premier pure-play local affiliate broadcasting company

We believe TEGNA should be the premier pure-play local affiliate broadcasting company, and that fundamental changes in TEGNA’s strategy, business operations and governance are critical to transform TEGNA from a perennial underachiever to a top tier operator.