Commitments Include Additional Job Protections, No Layoffs, and Significant Increases in Local News Budgets and Hours of Local News Across TEGNA-Owned Stations

Leading Labor Union Endorses Standard General’s Commitment to Local News, Good Paying Jobs, and Good Faith Negotiating with Labor

Standard General Had Already Voluntarily Committed to Invest in Local News, Preserve Newsroom Jobs for Two Years, and Address Purported Concerns Related to Consumer Pricing

With just 35 Days until the Deal Potentially Expires, FCC Continues Refusing to Hold a Vote

Standard General L.P. takes pride in its relationships with organized labor, establishing a record of supporting and working closely with unions across industries. In keeping with this, and in connection with its pending acquisition of TEGNA, Standard General is proud to make additional commitments to representatives of The NewsGuild-CWA and National Association of Broadcast Employees and Technicians-CWA (together “TNG-NABET”), who have yet to support the acquisition, despite these unprecedented commitments to protect company jobs and invest in local journalism.

Investing in local news in a way that protects jobs and encourages the growth of the industry is a priority for Standard General. If the TEGNA transaction is completed, these additional commitments, together with Standard General’s prior binding and enforceable commitments and news programming plans, will ensure the stability of TEGNA’s workforce and significantly enhance each station’s resources and operations. Standard General has committed to extending these unprecedented commitments to all other unions at TEGNA. Standard General offered these commitments to TNG-NABET representatives weeks ago. Politically motivated leaders have sat on this information, depriving their members of valuable information and certainty, for weeks.

“Standard General is fully dedicated to protecting good-paying jobs, expanding the diversity of ownership in media, and strengthening unbiased local news coverage across the country,” said Soo Kim, Founding Partner of Standard General. “The commitments announced today underscore the strong, good-faith relationship between Standard General, organized labor and the American public. The only obstacle to this deal moving forward is the Federal Communications Commission refusing to hold a vote on the deal. All we’re asking for is a vote, and if they say no to doing that, they are saying no to sharing the benefits of the competitive financing rates we locked in last year to make our multi-year local jobs guarantees and commitments for expanding news budgets, to unquestionably benefitting localism and to increasing minority media ownership by 300%.”

In addition to these commitments, Standard General’s proposed deal has the support of organized labor leaders.

“Mr. Kim has been engaged with UNITE HERE and has made sure to maintain a strong working relationship with the Union,” said D Taylor, UNITE HERE International President. “We know by his actions that he understands the issues that matter to organized labor and has been constructive in his approach, and as a result we support this transaction.”

“Over the years, Mr. Kim has also been proactive in engaging with Local 399, and he has made sure to maintain a strong working relationship with our union,” said Patrick J Kelly, President and Business Manager for International Union of Operating Engineers Local 399. “Additionally, Mr. Kim has been constructive in his approach to labor relations, and based upon his prior actions, we believe that he understands the core issues that matter to organized labor. Based on all of the foregoing, it is our opinion that Standard General will continue to bring its cooperative approach with organized labor to its other portfolio companies, including but not limited to, TEGNA.”

The additional commitments include, among others:

• No newsroom layoffs for three years. This is in addition to Standard General’s December 22, 2022 voluntary commitment not to conduct headcount reductions of TEGNA newsroom employees for at least two years following close of the transaction. This commitment is unprecedented in the current media environment where widespread job cuts are being regularly announced. This commitment covers all TNG-NABET employees at TEGNA.
• Increasing local news budgets and hours of local news programming by an average of 20% across TEGNA-owned stations within three years of closing. Standard General’s business model is to grow local news programming, which historically it has done by over 11,000 hours per year.
• Establishing a $5 million local journalism grant fund. Standard General committed to create a new grant fund for TEGNA in an amount of at least $5 million per year for three years immediately following closing of the deal to support an environment where local journalism can grow, not just at the TEGNA stations, but more broadly.
• Neutrality for unions by establishing various non-disparagement policies following the close of the deal because Standard General values the contributions of TEGNA’s unions and their members, and because Standard General wishes to build upon these relationships.

Despite these unprecedented commitments to preserving jobs and growing local broadcast news programming, representatives of TNG-NABET still oppose the deal with Standard General, obstructing TEGNA’s 6,000+ employees from receiving these and countless other benefits that would arise from the proposed transaction. Standard General sincerely believes these commitments are the right thing to do to ensure the success of the investment, and welcomes discussion with representatives of TNG-NABET about any remaining concerns TNG-NABET representatives may have about Standard General’s commitments.

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. Soo Kim, Standard General’s Managing Partner and Chief Investment Officer, is supported by a diverse, highly experienced 17-person team, including seven investment professionals with over 120 years of collective investing experience.

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