Standard/Tegna Agreement Terminated: Tegna
The Standard/Tegna deal has been terminated, Tegna said in a news release Monday. Tegna will receive a $136 million termination fee under the agreement, the release said. Standard General didn’t comment. Tegna will initiate a $300 million share repurchase program…
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and increase its quarterly dividend by 20%, the release said. “These initial actions reflect the Board’s continuing commitment to enhance shareholder value. We are taking the first step of immediately returning a significant portion of the excess capital accumulated during the pendency of the Standard General transaction,” said Tegna Board Chairman Howard Elias in the release. “We are actively reviewing TEGNA’s capital allocation strategy.” Tegna plans an investor call on its Q1 2023 earnings Thursday, the release said. The deal's collapse is "a major victory" for unions fighting the "hedge fund takeover of local news," said a statement from Jon Schleuss, president of the Communications Workers of America's NewsGuild sector. "For too long" hedge funds have taken over newsrooms and burdened them with debt to the detriment of local news, he said.