Leading Civil Rights Organizations Call on FCC to Vote on Standard General’s Pending Acquisition of TEGNA

Asian Americans Advancing Justice-AAJC, National Action Network, National Urban League, and UnidosUS Call on FCC to Vote on Standard General – TEGNA Transaction

NEW YORK--()--Standard General L.P. (“Standard General”) today notes the following statement from Asian Americans Advancing Justice - AAJC, National Action Network, National Urban League, and UnidosUS, highlighting the unfair treatment from the FCC of Standard General’s pending acquisition of TEGNA. The statement from the organizations reads as follows:

Asian Americans Advancing Justice-AAJC, National Action Network, National Urban League, and UnidosUS Call on FCC to Vote on Standard General - TEGNA

Today, in response to the FCC’s refusal to bring the Standard General - TEGNA transaction to a vote, Asian Americans Advancing Justice - AAJC, NAN, NUL, and UnidosUS released the following joint statement:

Today, a diverse caucus of the nation’s oldest and largest Civil Rights organizations have come together, with one voice, to make a simple demand of the U.S. Federal Communications Commission: Hold a full commission vote on Standard General’s acquisition of TEGNA.

We have followed this transaction closely because of the promise of equity and inclusion it represents. If this deal is codified, it will create the largest minority-owned and female-led broadcasting company in U.S. history and increase minority media ownership by 300%—with Soo Kim, who immigrated to America at five-years-old and learned English watching Sesame Street on the same kinds of local news channels he has spent his career saving, at the helm.

Representation is essential — not just because diversity, in general, is important, but because it matters that those who produce what we watch look like those who consume it. And for too long, that has not been the case. As FCC Commissioner Geoffrey Starks said in a recent speech on diversity in media: “We need to do better.”

Now, as a matter of practice, we don’t take positions on deals like this — and we will not call on the Commissioners to cast their votes one way or the other. But what we do demand is fair and equal treatment. And, so far, “fair and equal treatment” has not been the order of the day. The FCC has deferred action on this deal to an administrative law judge when other similar, more complex deals have sailed through the approval process in half the time. The FCC has not provided any rationale for this move.

The interagency group that vets these types of transactions, Team Telecom, has reviewed and approved this transaction and it was thoroughly reviewed by the Department of Justice.

Time is running out, but the FCC has the power to change course and do the right thing – hold a vote. If the Commission has concerns with the deal, it can transparently share them with Standard General. Commissioner Starks is right — when it comes to diversity in media, we are still so far from where we need to be as a country. And the least the FCC can do is give Standard General a fair shot at bringing new voices into an industry that so desperately needs them.

For more information contact:

Michelle Boykins (AAJC)
mboykins@advancingjustice-aajc.org

Rachel Noedlinger (NAN)
rnoerdlinger@actumllc.com

Rhonda Spears Bell (NUL) rspearsbell@nul.org
Elsa Rainey (UnidosUS)
news@unidosus.org

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.

Cautionary Statement Regarding Forward-Looking Statements

This communication includes forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on a number of assumptions about future events and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs, projections and estimates expressed in such statements. These risks, uncertainties and other factors include, but are not limited to, the following: (1) the timing, receipt and terms and conditions of the required governmental or regulatory approvals of the proposed transaction and the related transactions involving the parties that could reduce the anticipated benefits of or cause the parties to abandon the proposed transaction, (2) risks related to the satisfaction of the conditions to closing the proposed transaction (including the failure to obtain necessary regulatory approvals), and the related transactions involving the parties, in the anticipated timeframe or at all, (3) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of TEGNA’s common stock, (4) disruption from the proposed transaction making it more difficult to maintain business and operational relationships, including retaining and hiring key personnel and maintaining relationships with TEGNA’s customers, vendors and others with whom it does business, (5) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into pursuant to the proposed transaction or of the transactions involving the parties, (6) risks related to disruption of management’s attention from TEGNA’s ongoing business operations due to the proposed transaction, (7) significant transaction costs, (8) the risk of litigation and/or regulatory actions related to the proposed transaction or unfavorable results from currently pending litigation and proceedings or litigation and proceedings that could arise in the future, (9) other business effects, including the effects of industry, market, economic, political or regulatory conditions, (10) information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity, malware or ransomware attacks, and (11) changes resulting from the COVID-19 pandemic, which could exacerbate any of the risks described above.

Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of Standard General. Each such statement speaks only as of the day it was made. Standard General undertakes no obligation to update or to revise any forward-looking statements. The factors described above cannot be controlled by Standard General. When used in this communication, the words “believes,” “estimates,” “plans,” “expects,” “should,” “could,” “outlook,” and “anticipates” and similar expressions as they relate to Standard General or its management are intended to identify forward looking statements. Forward-looking statements in this communication may include, without limitation: statements about the potential benefits of the proposed acquisition, anticipated growth rates, Standard General’s plans, objectives, expectations, and the anticipated timing of closing the proposed transaction.

Contacts

For media inquiries:

Standard General
Andy Brimmer / Jamie Moser / Jack Kelleher
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Contacts

For media inquiries:

Standard General
Andy Brimmer / Jamie Moser / Jack Kelleher
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449