Standard General’s Soo Kim triumphed in his third attempt at acquiring Tegna (NYSE: TGNA), the media giant that owns 64 TV stations across 51 US markets. The $5.4 billion deal is a huge win for Korean American Soo Kim, who was already Tegna’s largest shareholder.
Last year Kim called on the company to open its books and records to investigate what he called a broad pattern of bias and racially-insensitive behavior. Kim welcomes the chance to promote reform and progress at Tegna.
“My firm actually embraces uncertainty, reorganization, change. Really, we think change is opportunity. We’re confident that we can help the company continue to evolve and to meet its challenge today and in the future,” said Kim.
This deal follows an announcement last month that Kim aims to acquire the remaining outstanding shares of Bally’s Corp., the casino and entertainment company valued at about $1.6 billion. (Kim is currently Bally’s Chairman and Standard General is Bally’s largest shareholder with a 21% stake.) Regarding Kim’s Tegna purchase, Bloomberg reports, “The deal helps cement his reputation as a turnaround expert”.
6 Things to Know About Soo Kim
- Soohyung “Soo” Kim is the 47 year old founding partner of Standard General and is the firm’s Managing Partner and Chief Investment Officer.
- Kim is a Director of Coalition for Queens, a Director and Treasurer of the Cary Institute of Ecosystem Studies and the President of the Stuyvesant High School Alumni Association.
- Kim holds an A.B. from the Woodrow Wilson School of Public and International Affairs at Princeton University.
- Standard General played a major role in restoring troubled companies like American Apparel, Radio Shack and Young Broadcasting, which later merged with Media General Inc.
- Kim will replace Dave Lougee, current CEO of Tegna with Deb McDermott, the CEO of Standard Media.
- Kim called for an investigation into an incident in which Tegna CEO Dave Lougee mistook a Black executive for a hotel car valet. See full letter from Standard General Securities and Exchange filing online.
