Tegna’s Biggest Investor Loses Fight for Board Seats
Tegna’s Biggest Investor Loses Fight for Board Seats
(Bloomberg) -- Tegna Inc.’s largest investor is expected to fall short in its effort to revamp the broadcaster’s board, according to people familiar with the matter.
Standard General LP, which owns a 12% stake in Tegna, had been seeking four seats on the board. Preliminary figures show Standard General was unable to win any seats ahead of the company’s annual general meeting Thursday, said the people, who asked not to be identified because the information wasn’t public.
The results are preliminary and could change, the people said.
A representative for Standard General declined to comment. A representative for Tegna wasn’t immediately available for comment.
Standard General has argued throughout the proxy fight that the current leadership at Tegna has made a series of missteps, including failing to find a buyer. Talks with at least four potential bidders, including private equity giant Apollo Global Management Inc., fell apart in March.
The McLean, Virginia-based company rejected Standard General’s nominees and defended its track record, arguing its total shareholder returns over the past two years have outperformed peers since it became a pure-play broadcaster.
Standard General won the support of Institutional Shareholder Services Inc. for one of its nominees, Colleen Brown. Another prominent advisory firm, Glass Lewis & Co., urged investors to support management’s slate.
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