Proxy adviser Institutional Shareholder Services said on Friday that Tegna shareholders should elect one of hedge fund Standard General’s director nominees to the broadcast company’s board. ISS backed Colleen Brown, saying that her “direct experience with local stations would appear to be additive to the board.” ISS recommended that shareholders not vote for three other dissident nominees, including Soohyung Kim, the hedge fund’s founder, who has been pushing the company to consider selling itself.
The Seattle-based owner of 13 full-power and seven low-power TVs as well as a major Seattle office building rejected an unsolicited bid from a Canadian real estate firm, but the bid still has the backing of hedge fund and board dissident FrontFour.The fate of the company and its broadcast stations may rest with Mario Gabelli, Fisher’s biggest institutional investor.
TVNewsCheck picked the brains of some top broadcasters and analysts to see what the year’s important issues will be. For the first time in a long while, the general outlook was optimistic. Getting specific, here are nine things they will be keeping their eyes on: retransmission consent/reverse compensation, the FCC’s spectrum incentive auction, mobile DTV, industry consolidation, Comcast-NBCU deal ripple effects, signs of life in M&A, record off-year for political advertising, evolution of digital subchannels, publicly held station groups to pay dividends and local online and mobile media.