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Hedge Fund Standard General Returns to Media Dealmaking Roots

  • Firm takes 9.8% stake in broadcaster, cites M&A experience
  • Hedge fund was involved with Young Broadcasting, Nexstar deals

Source: Getty Images

Standard General LP, the hedge fund that once sold a collection of newspapers to Warren Buffett, is back in the media business with a stake in TV broadcaster Tegna Inc. and is on the hunt for a deal.

The fund’s last big television investment was in Media General, acquired by Nexstar Media Group Inc. for $4.6 billion in 2017. Now Standard General wants to bring that experience to bear by taking an activist role at Tegna, Chief Investment Officer Soo Kim said in an interview. Last week, Standard General disclosed a 9.8% stake in Tegna, which owns 64 local TV stations and four radio stations in the U.S., in 51 markets.