Standard General

MediaCo Acquires Estrella Media’s Content and Digital Operations

Retrieved on: 
Thursday, April 18, 2024
Content Marketing, Online, Other Communications, Technology, Public Relations, Investor Relations, Audio, Video, Marketing, Advertising, General Entertainment, Communications, Other Entertainment, TV and Radio, Licensing (Entertainment), Media, Entertainment, Digital Marketing, Wiley Rein, Sidley Austin, ROI, AVOD, Radio, Telemundo, RBC Capital Markets, Standard General, Pillsbury Winthrop Shaw Pittman, Security (finance), Exchange, MDIA, CTV, Exercise, Estrella Media, WBLS, Common stock, Interim, Growth

MediaCo Holding Inc. (Nasdaq: MDIA) (“MediaCo”) today announced that it has acquired all of Estrella Media’s network, content, digital, and commercial operations.

Key Points: 
  • MediaCo Holding Inc. (Nasdaq: MDIA) (“MediaCo”) today announced that it has acquired all of Estrella Media’s network, content, digital, and commercial operations.
  • Among the Estrella Media brands joining MediaCo are the EstrellaTV network and its influential linear and digital video content business, and Estrella Media’s expansive digital channels, including its four FAST channels – EstrellaTV, Estrella News, Cine EstrellaTV, and Estrella Games – and the EstrellaTV app.
  • MediaCo, which operates marquee urban radio stations HOT 97 and WBLS 107.5 in New York City, will be adding Estrella Media’s Spanish-language video, audio, and digital content operations under the same umbrella.
  • In connection with the transaction, three designees of Estrella Broadcasting were added to the Board of Directors of MediaCo.

K&F Growth Capital Issues Letter to the Board of Directors of Bally’s Corporation

Retrieved on: 
Tuesday, April 2, 2024
Commercial Building & Real Estate, Construction & Property, Casino, Gaming, Finance, Entertainment, Professional Services, Lodging, Asset Management, Destinations, Travel, Uncertainty, Employment, Letter, Database, Growth, Weakness, Standard General, Committee, Partnership, Omnichannel, COVID-19, Research, Sale, Acquisition, Low-ball, Monkey Knife Fight, Kindred Group, Risk management

Today K&F Growth Capital released the following letter to the Board of Directors of Bally’s Corporation:

Key Points: 
  • Today K&F Growth Capital released the following letter to the Board of Directors of Bally’s Corporation:
    K&F Growth Capital, through entities it manages, is a shareholder of Bally’s Corporation (“Bally’s”, NYSE: “BALY”, or “the Company”).
  • Notwithstanding, Bally’s possess individually strong assets, and value ready to be unlocked with the right strategy and the right oversight.
  • No longer can the Company focus on the vanity, negative return projects and assets sought after over the last three years.
  • We recommend the Special Committee of the Board of Bally’s reject Standard General’s self-serving and undervalued acquisition proposal.

Special Committee of Bally’s Retains Financial and Legal Advisors in Connection With Standard General’s Proposal

Retrieved on: 
Thursday, March 28, 2024
Entertainment, Other Travel, Lodging, Electronic Games, Travel, Casino, Gaming, Committee, Macquarie Group, Acquisition, Proposal, Sullivan & Cromwell, Oliver Cromwell, Standard General

The special committee of independent and disinterested directors (the “Special Committee”) of Bally’s Corporation (“Bally’s” or the “Company”) (NYSE: BALY) formed to evaluate the preliminary, non-binding acquisition proposal from Standard General, dated March 11, 2024 (the “Proposal”), among other things, today announced that it has retained Macquarie Capital as its financial advisor and Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP as its legal counsel in connection with its evaluation of the Proposal, as well as any potential strategic alternatives to the Proposal.

Key Points: 
  • The special committee of independent and disinterested directors (the “Special Committee”) of Bally’s Corporation (“Bally’s” or the “Company”) (NYSE: BALY) formed to evaluate the preliminary, non-binding acquisition proposal from Standard General, dated March 11, 2024 (the “Proposal”), among other things, today announced that it has retained Macquarie Capital as its financial advisor and Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP as its legal counsel in connection with its evaluation of the Proposal, as well as any potential strategic alternatives to the Proposal.
  • The Special Committee cautions Bally’s stockholders and others considering trading the Company’s securities that no decisions have been made with respect to the Proposal.
  • There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.
  • The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required by law.

Bally’s Forms Special Committee to Evaluate Preliminary, Non-Binding Acquisition Proposal by Standard General

Retrieved on: 
Tuesday, March 12, 2024
Entertainment, General Entertainment, Lodging, Electronic Games, Travel, Casino, Gaming, Letter, Schedule 13D, Security (finance), Standard General

The Board of Directors of Bally’s Corporation (NYSE: BALY) today announced that it has formed a special committee of independent and disinterested directors that is authorized, among other things, to evaluate the preliminary, non-binding proposal, dated March 11, 2024, by Standard General to acquire all of the outstanding shares of Bally’s that it does not already own for $15.00 in cash per share, as well as any potential strategic alternatives to the proposal.

Key Points: 
  • The Board of Directors of Bally’s Corporation (NYSE: BALY) today announced that it has formed a special committee of independent and disinterested directors that is authorized, among other things, to evaluate the preliminary, non-binding proposal, dated March 11, 2024, by Standard General to acquire all of the outstanding shares of Bally’s that it does not already own for $15.00 in cash per share, as well as any potential strategic alternatives to the proposal.
  • A copy of the proposal letter from Standard General is available as an exhibit to Standard General’s statement of beneficial ownership on Schedule 13D/A as publicly filed with the Securities and Exchange Commission.
  • There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.

TEGNA Inc. Reports Third Quarter 2023 Results and Provides Fourth Quarter Guidance

Retrieved on: 
Tuesday, November 7, 2023
Social Media, TV and Radio, Media, Advertising, Communications, General Entertainment, Mobile Entertainment, Entertainment, Consolidated, Adjustment, Summer, TEGNA, TGNA, Sport, NYSE, Standard General, IA Financial Group, Summer Olympic Games, Share repurchase, News, GAAP, Projection, Super Bowl, Nursing, ASR, Bowl game, The Regional News, WWL, Growth, TV Art (Serbia), ABC, NBC, Hurricane Ida, National academy, Partnership, Science, Retirement, AMS, Total, Warehouse, Marketing, Rare-earth element, Video game, Airline, Pharmaceutical industry, Bank

TEGNA Inc. (NYSE: TGNA) today announced financial results for the third quarter ended September 30, 2023.

Key Points: 
  • TEGNA Inc. (NYSE: TGNA) today announced financial results for the third quarter ended September 30, 2023.
  • Advertising trends in the third quarter showed sequential improvement compared to the second quarter.
  • Compared to 2021, third quarter AMS revenue was down 14 percent driven by the absence of Summer Olympics and continued macroeconomic headwinds.
  • 1 In analyzing third quarter 2023 results, investors should be reminded that TEGNA’s odd-to-even year results are negatively impacted by the absence of even-year political revenues.

TEGNA Inc. Reports Second Quarter 2023 Results and Provides Third Quarter Guidance

Retrieved on: 
Thursday, August 3, 2023
Advertising, Entertainment, Communications, Social Media, TV and Radio, General Entertainment, Mobile Entertainment, Civic, Telecommunications, Share repurchase, Marketing, AMS, TGNA, TEGNA, GAAP, Standard General, Light, Projection, Retirement, IA Financial Group, Points of Light, Growth, Adjustment, ASR, Hand, NYSE, Total, Rare-earth element, Video game, Bank, Public utility, Pharmaceutical industry

TEGNA Inc. (NYSE: TGNA) today announced financial results for the second quarter ended June 30, 2023.

Key Points: 
  • TEGNA Inc. (NYSE: TGNA) today announced financial results for the second quarter ended June 30, 2023.
  • Overall, advertising trends in the second quarter showed sequential improvement compared to the first quarter.
  • Second quarter Adjusted EBITDA was down 15 percent compared to the second quarter of 2021 reflecting macroeconomic headwinds and higher programming expenses.
  • 1 In analyzing second quarter 2023 results, investors should be reminded that TEGNA’s odd-to-even year results are negatively impacted by the absence of even-year political revenues.

TEGNA Inc. Enters Into $300 Million Accelerated Share Repurchase Agreement

Retrieved on: 
Friday, June 2, 2023
Networks, Other Communications, Other Entertainment, Media, Marketing, Communications, Technology, Entertainment, Acceleration, TGNA, Chase Bank, National Association, JPMorgan Chase, IA Financial Group, ASR, Share repurchase, Standard General, NYSE, Holding company, TEGNA

TEGNA Inc. (NYSE: TGNA) today announced that it has entered into an accelerated share repurchase agreement (“ASR”) with JPMorgan Chase Bank, National Association (“JPMorgan”).

Key Points: 
  • TEGNA Inc. (NYSE: TGNA) today announced that it has entered into an accelerated share repurchase agreement (“ASR”) with JPMorgan Chase Bank, National Association (“JPMorgan”).
  • Under the terms of the ASR, TEGNA will repurchase $300 million in TEGNA common shares from JPMorgan, with an initial delivery of approximately 15.2 million shares on June 6, 2023.
  • As previously disclosed, Standard General has transferred 8,640,452 TEGNA shares to TEGNA to satisfy the $136,343,726 (equal to the termination fee plus interest accrued since termination of merger agreement) due to TEGNA under the terms of the merger agreement.
  • Receipt of the shares from Standard General will not reduce the $300 million ASR detailed above.

TEGNA Inc. Announces $300 Million Accelerated Share Repurchase Agreement and Increases Regular Quarterly Dividend by 20% Following Termination of Merger Agreement with Standard General

Retrieved on: 
Monday, May 22, 2023
Entertainment, Communications, Other Entertainment, General Entertainment, Other Communications, Media, Lougee Basabas, Share repurchase, Culture, TGNA, TEGNA, JPMorgan Chase, Standard General, Standard, IA Financial Group, Chase Bank, Adjustment, ASR, Hand, News, NYSE, Cryptocurrency

TEGNA Inc. (NYSE: TGNA) today announced a $300 million accelerated share repurchase (“ASR”) program and a 20 percent increase in its quarterly dividend.

Key Points: 
  • TEGNA Inc. (NYSE: TGNA) today announced a $300 million accelerated share repurchase (“ASR”) program and a 20 percent increase in its quarterly dividend.
  • These initial actions to return excess capital to shareholders follow the termination of TEGNA’s merger agreement with an affiliate of Standard General L.P.
  • Under the terms of the merger agreement, TEGNA is entitled to receive a termination fee of $136 million from Standard General.
  • The TEGNA Board has approved a 20 percent increase to the Company’s regular quarterly dividend from 9.5 to 11.375 cents per share.

Standard General Provides a Response to FCC’s Invitation to Negotiation with New Disclosures and Commitments

Retrieved on: 
Wednesday, May 17, 2023
Professional Services, White House, Federal Government, Public Policy, Government, Entertainment, TV and Radio, Legal, Finance, HSR, Comcast, Newsroom, Justice, FCC, Urban Administrative and Law Enforcement Bureau, NewsGuild-CWA, Commission, IATSE, 2017–2018 Department of Justice metadata seizures, DOJ, TEGNA, Hope, ALJ, FDNY, Standard General, History, Standard, Apollo, UnidosUS, Asian Americans, Benevolent and Protective Order of Elks, NCTA, National Action Network, CMG, MOU, Trade, News, National Urban League, Internet service provider, Property management, Television

Standard General has also made additional commitments and submissions that further highlight the public interest benefits of this transaction.

Key Points: 
  • Standard General has also made additional commitments and submissions that further highlight the public interest benefits of this transaction.
  • Standard General looks forward to speaking with the FCC on these two remaining issues tomorrow.
  • Union MOU – Standard General has signed an MOU with IATSE, which includes job commitments, the implementation of a local journalism grant fund, and neutrality agreements.
  • Standard General is pleased to discuss these commitments in more detail with the FCC.

NEW: Standard General Files FCC Meeting Summary Following May 10 Meetings Regarding TEGNA Deal

Retrieved on: 
Friday, May 12, 2023
Finance, Professional Services, White House, Federal Government, Public Policy, Government, Uncertainty, Federal Communications Commission, FCC, File, NewsGuild-CWA, Jesus, TEGNA, Woman, FDNY, Standard General, Attention, Standard, UnidosUS, Asian Americans, Acquisition, National Action Network, Administrative law, News, United and uniting churches, National Urban League, Nathan Simington, Television

All four FCC Commissioners were invited to meet with the applicants and deal opponents to ask questions of both Standard General and TEGNA in order to find a path forward from the Commission’s unprecedented inaction on the deal.

Key Points: 
  • All four FCC Commissioners were invited to meet with the applicants and deal opponents to ask questions of both Standard General and TEGNA in order to find a path forward from the Commission’s unprecedented inaction on the deal.
  • Meeting attendees, including experts in broadcasting, financing, administrative process, and broadcast regulation, highlighted Standard General’s “extraordinary” commitments to expanding news and preserving TEGNA jobs.
  • In the filing, Standard General again offered an open meeting to Chairwoman Jessica Rosenworcel and Commissioner Geoffrey Starks.
  • Financing for the Standard General - TEGNA deal will expire on May 22.