Activist hedge fund Starboard Value sued comScore on Tuesday in a Delaware court, seeking to force the company to schedule an annual meeting for the first time in two years. The hedge fund, which claims a 4.9% stake in the measurement company, is laying the path to potentially nominating its own slate of directors for comScore.
Jeff Smith, the man dubbed “the investor CEOs fear most,” has taken a stake in Tribune Media, which owns 42 TV stations nationwide and cable operator WGN America. Smith-led hedge fund Starboard Value disclosed in a filing with the SEC that it has acquired a 6.6% stake in Tribune Media, and noted that it may “engage in communications with management and the board of directors.”
The Wall Street Journal reports that activist investor Starboard Value LP on Tuesday said Media General was dragging its feet in agreeing to negotiations with Nexstar Broadcasting Group and exploring a merger of the two TV station companies. WSJ subscribers can read the full story here.
Starboard Value LP, which owns about 4.5% of Media General stock, says it’s in the best interests of shareholders to jettison its deal to buy Meredith and “negotiate the best deal possible with Nexstar.” It also cautions the board not to take any action to frustrate shareholders’ ability to vote on any proposed transaction.