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Tegna Rejects All Four Standard General Board Nominees

Bloomberg logoBloomberg 2/19/2020 Scott Deveau

(Bloomberg) -- Tegna Inc. has rejected all four director nominees put forth by one of its largest investors, heightening the tension in their simmering proxy fight.

The company has instead appointed Karen Grimes, a former partner at Wellington Management Co. to its board, according to a statement Wednesday.

Standard General LP, Tegna’s third-largest holder with a 9.7% stake, nominated four directors last month after its calls for board representation and a strategic review hit an impasse. Tegna said at the time it would evaluate three of the nominees, having already determined it would not appoint Standard General’s Chief Executive Officer Soo Kim to the board.

The board has unanimously determined it was not in the best interest of its shareholders to add any of the other Standard General nominees, the company said.

A representative for Standard General wasn’t immediately available for comment.

Grimes, 63, spent more than 20 years at Wellington, where her investments in media included CBS Corp., Viacom Inc. and Comcast Corp., according to the statement.

“Karen’s deep investment experience and returns-focused mindset from years overseeing investment strategy will be enormously valuable to the board as we maintain a relentless focus on creating value for all Tegna shareholders,” Tegna Chairman Howard Elias said in a statement.

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