By Cynthia Littleton Business Editor Private equity firm Standard General has increased its stake in Tegna as activist investor Soo Kim intensifies his fight for management changes at the TV station group.
Kim, founding partner of Standard General, has boosted his stake in Tegna to 12% of shares, Standard General said Friday. On Thursday, Tegna blasted Kim for shifting about 25% of his shares to derivative positions that Tegna cast as potentially negative for the company in the long run.
Kim responded Friday with a statement reiterating his intent to field a slate of five alternate directors for Tegna’s board at its annual shareholders meeting on April 30.
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