Deals
Tegna Seats, Possible Sale Are Said to Be Sought by Investor
- Standard General believes there are takeover, merger options
- New York hedge fund seeking two seats on broadcaster’s board
This article is for subscribers only.
One of the largest shareholders in Tegna Inc. has asked for two seats on the board of the broadcaster and called on it to launch a strategic review, including a possible sale of the company, according to people familiar with the matter.
Standard General LP, which owns a 9.8% stake in Tegna, is prepared to start a proxy fight if its demands aren’t met, said the people, asking not to be identified because the discussions are private. The New York-based hedge fund, which has discussed its views with management, is Tegna’s third-largest holder, according to data compiled by Bloomberg.