Shareholders Re-Elect All 12 Tegna Directors

The defeat of a proposal by Standard General’s Soo Kim is a victory for Tegna Chairman Howard Elias and CEO David Lougee and followed announcement of a 7 cents a share dividend to shareholders earlier this morning.

JESSELL AT LARGE

Jessell | Lougee Is Best Bet In Down-To-Wire Proxy Fight

Soo Kim’s ill-timed persistence for seats on Tegna’s board has been undermined by statements from three influential proxy advisers. And that’s a good thing.  Current management led by CEO David Lougee may have its faults, but it beats Kim, whose goal is to merge or sell the company out of existence.

Tegna Issues Proxy Fight ‘Fact Sheet’

The company seeks to correct “Standard General’s many errors and false and misleading statements” while detailing Tegna’s “strong performance, experienced board, and focus on shareholder value.”

Tegna Bidders Drop Out Following Coronavirus

The TV group says two of the four unsolicited acquisition proposals have been withdrawn in the wake of the coronavirus pandemic and the other two parties have not signed confidentiality agreements to enable due diligence and have not delivered any information on financing sources.

Tegna Letter To Shareholders Addresses Board Issue

Tegna To Fight Proposed Board Change

It objects to the request from investor Standard Media that Standard’s Soo Kim and three others be added, citing “serious concerns about Mr. Kim’s prior business and board service, including a track record of endorsing and executing corporate actions in favor of his own investments to the detriment of other shareholders.”

JESSELL AT LARGE

Jessell: Winners And Losers Abound in Sinclair’s Fiasco

The imminent collapse of Sinclair’s merger makes the combative station group one of the all-time losers in FCC regulatory history, but they’re not the only ones who’ve lost. Here are some of the other losers caught up in this week’s train wreck along with some of the winners. At the top of the latter group is FCC Chairman Ajit Pai, who has clearly signaled that he is no pushover.