Tegna said that its shareholders re-elected all 12 of the company’s directors at its annual meeting Thursday, turning back a proxy challenge from Standard General, which owns 9% of the company’s stock.
A preliminary vote count showed Gina Bianchini, Howard Elias, Stuart Epstein, Lidia Fonseca, Karen Grimes, David Lougee, Scott McCune, Henry McGee, Susan Ness, Bruce Nolop, Neal Shapiro, and Melinda Witmer retaining their seats.
“We are grateful that our shareholders have supported our highly qualified and experienced directors,” said Elias, the chairman of the board.
“This outcome is a validation of our Board’s ongoing commitment to driving value for all shareholders. The Board has benefited from the opportunity to speak directly with shareholders about Tegna’s strategy and performance and to hear their feedback and perspective,” Elias said. “We appreciate that Standard General has a large investment in Tegna and look forward to moving past the proxy contest and having a constructive dialogue with [Standard General founder] Soo Kim going forward.”
Standard General had criticized Tegna’s stock performance and merger and acquisition strategy. It nominated four directors including Kim.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.