BOSTON — Another large investor in Tegna Inc wants the U.S. regional TV station operator to pursue a merger or sale, arguing a tie-up could be very valuable at a time the industry is facing a wave of consolidation, two people familiar with the matter said.
Hedge fund HG Vora Capital Management, which owns about 4% of Tegna’s stock, is the third investor to push for changes at Tegna. Standard General has laid the groundwork for a proxy contest and Donerail also wants changes to be made.
HG Vora, which oversees $5.3 billion in assets, could not be immediately reached for comment.
Standard General, which owns 9.7% of Tegna shares, last week said that it plans to nominate four directors to the company’s 11-member board, including Soohyung Kim, Standard General’s founder and portfolio manager.
