Standard General Releases Statement Following Today’s Meetings at the FCC

12 Days before deal is killed by FCC inaction, Standard General invited all parties for meetings at the FCC

Continued unprecedented inaction from Commission threatens deal that would increase diversity in media ownership and strengthen local journalism

WASHINGTON--(BUSINESS WIRE)--Today, Standard General L.P. and TEGNA Inc. joined Federal Communications Commission (FCC) officials and staff, as well as representatives of The NewsGuild/NABET-CWA and the United Church of Christ Office Communication, Inc. for meetings regarding the proposed deal between Standard General and TEGNA. Meetings were requested with each of the four Commissioners. Commissioner Starks declined and as of the time of today’s meetings, Chairwoman Rosenworcel had not responded to the requests. All FCC Commissioners and nominal parties to the proceeding were invited to join the meetings to discuss a path forward from the unprecedented inaction by the FCC.

“Our message has been clear from the start: we just want to be treated like any other applicant and receive an up-or-down vote on our transaction from the FCC,” said Soo Kim, Standard General’s Managing Partner and Chief Investment Officer. “Over time, as more people have heard about the lack of feedback and absence of dialogue from the FCC during the process, we’ve secured support for our call for a vote from unions like IATSE and UNITE HERE!, civil rights groups like Asian Americans Advancing Justice- AAJC, National Action Network, National Urban League, & UnidosUS–to name a few–and Congressional leaders from both sides of the aisle. Today’s meetings were productive, but obviously participation by the other Commissioners would have been welcomed. As the record reflects, we are committed to supporting local journalism and diversifying media ownership in this country. We believe those goals and this deal deserve an up-or-down vote.”

Today’s meetings were an opportunity for Commissioners to ask questions of Standard General and TEGNA, as well as of the deal’s opponents, including discussing any relevant outstanding issues in order to hold a vote.

Support for Standard General and TEGNA’s efforts to secure a vote is rising. In the last several days, Mayor Eric Adams, the FDNY foundation, Asian Americans Advancing Justice- AAJC, National Action Network, National Urban League, UnidosUS, and senior leaders from both parties have called on the FCC to hold a vote.

About Standard General
Standard General was founded in 2007 and manages capital for public and private pension funds, endowments, foundations, and high-net-worth individuals. Standard General is a minority-controlled and operated organization. Mr. Kim is supported by a diverse, highly experienced 17-person team, including seven investment professionals with over 120 years of collective investing experience.