On January 15, 2020, TEGNA Inc. announced that it has issued a statement regarding announcement by Standard General LP on January 15, 2020, that it has nominated Soohyung Kim, its managing partner and chief investment officer, and 3 other candidates for election to the Company’s Board of Directors at the 2020 annual meeting of shareholders. The Company stated that since Standard General disclosed its investment in the Company, its’ Board and management team have held multiple meetings with Kim to learn about his perspective on the Company and in those meetings, Kim demanded a Board seat for himself but offered no specific ideas to create value only statements that if he were on the Board, he would have a unique ability to source and execute ‘transformative’ M&A. The Company stated that its Board has serious concerns about 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 and the Board is also concerned that his investments in and influence over other broadcasting companies would create a conflict of interest as a Company Director. In addition, the Company stated that the Board has determined adding him to the Board is not in the best interests of TEGNA and its shareholders and Kim was informed of the Board’s decision on January 10.