Invest in Local News and Local Jobs
Building Jobs and Opportunity welcomes the commitments of Standard General to protecting local jobs and the public interest as they acquire TEGNA, owner of 64 television stations in 51 U.S. markets.
“Standard General’s investment plan in TEGNA starts with people. Stations acquired by Standard General have reported that conditions for staff improved, with the company increasing the station employee’s health benefits, adding paid time off, implementing employee training programs, and investing in the station facilities.”
- ADOLPHUS M. PRUITT II PRESIDENT, ST. LOUIS NAACP
TEGNA is the owner of 4 network affiliates in the top 25 markets among independent station groups. Standard General, under the leadership of Soo Kim, manages capital for public and private pension funds, endowments, foundations, and high-net-worth individuals. Standard General offered to acquire TEGNA for over $8 billion, pending FCC regulatory approval and other customary closing conditions.
“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 Local Union. 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.”
- Patrick J. Kelly, President & Business Manager, Local 399,
STANDARD GENERAL IS COMMITTED TO:
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No Lay Offs. Standard General agreed that TEGNA will not layoff any union members employed by the company for up to three years.
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Commitment to Local News. Standard General committed to growing TEGNA’s local news and programming and will increase local news budgets and hours by an average of twenty percent (20%) across the TEGNA-owned stations.
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Successorship. Standard General will cause TEGNA to agree to a successorship provision to ensure an ongoing relationship with the unions that represent workers at TEGNA.
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Local Journalism Grant Fund. Standard General, through TEGNA, commits to at least $5 million per year for three years to support a new grant fund to support monetary awards to emerging journalists. Grants could be used to assist the development of local journalists, to foster their service to their communities by funding their work, and to help them obtain distribution on TEGNA’s platforms.
See what Standard General is saying: "Following nearly a year-long review, the Federal Communications Commission (FCC)'s Media Bureau recently announced that it would refer a proposed transaction between my company, Standard General, and local broadcaster TEGNA for review by an administrative law judge (ALJ). Designed to not make headlines, this seemingly mundane regulatory action is a brazen overreach of authority, which if allowed to stand, has significant implications for our market economy."
Americans from every state deserve a voice in Washington who will stand up for them, focus on quality jobs, challenge politicians who fail to support hard-working families, and defend the public interest.