Tegna Fears Takeover

While Nexstar has a stock price of just shy of $130 a share, you can still buy Tegna stock for well under $20 a share.

Because of that low price, people are able to acquire large chunks of Tegna without laying out too much cash.

And that is exactly what Standard General Hedge Fund headed up by Soo Kim has been doing. His company now owns about 10% of Tegna’s stock and is acquiring more.

Kim now wants a seat on the Tegna board and Tegna is trying to make sure that doesn’t happen. Tegna says it has, ““serious concerns about Mr. Kim’s prior business and board service, including a track record of endorsing and executing corporate actions in favor of his own investments to the detriment of other shareholders.”

Tegan’s fear is that Kim will attempt a hostile takeover of the company. This has the suits in Tegna’s corporate officers scared and they are doing their best to make sure that Kim doesn’t takeover Tegna. If that does happen, most of those Tegna suits will be out of a job.

FTVLive expects that by the end of the year, Tegna will change hands. We don’t know it it will be Soo Kim, or some other company that takes control, but we really do think it will happen.

Whomever ends up with Tegna, we can only hope that they bring back real Journalism to the newsrooms and dump the comedians and Facebook news that they are currently doing.

Stay tuned…

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