Tegna Updates Shareholders, Files Presentation
Tegna Inc. today sent a letter to shareholders extoling the company’s “highly qualified, engaged and diverse Board and its outstanding track record of shareholder value creation.”
Tegna has also filed a new investor presentation with the Securities and Exchange Commission detailing Tegna’s strategic transformation, track record of value creation and fit-for-purpose board to oversee the continued execution of Tegna’s strategy.
The letter and presentation also outline the board’s serious concerns about Standard General’s proxy fight and its nominees to the Tegna board of directors. Its concerns include:
- “Standard General’s track record (including at Media General, American Apparel, Radio Shackand Twin River Holdings) and significant investments in and influence over Standard Media Group and Mediaco Holding, two emerging competitors in the broadcasting industry.
- “Standard General’s behavior during this proxy fight, including blatant disregard for the facts about Tegna and demonstrably false statements about Tegna’s margins, retransmission rates, deal multiples, debt covenants, engagement with potential buyers, and many other topics.
- “The risks to Tegna shareholders of replacing any of Tegna’s Board members with Standard General’s nominees, especially at this time of national crisis.”
The letter, investor presentation and additional information related to Tegna’s 2020 Annual Meeting of Shareholders scheduled for April 30, 2020 can be found here.