IATSE Signs Agreement with Standard General; Supports TEGNA Acquisition

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Standard General L.P. today announced it has reached an agreement with the International Alliance of Theatrical Stage Employees (IATSE), one of TEGNA’s largest unions, in connection with its pending acquisition of TEGNA.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Monday, April 17, 2023
Information
Tags: 
Professional Services, Public Policy, Government, Entertainment, TV and Radio, Finance, Labor, Asset Management, Workforce, International, FCC, IATSE, TEGNA, Standard General, Theatre, Newsroom, Acquisition, Trade, News, International Alliance of Theatrical Stage Employees, Renewable energy
Geotags: 
NEW YORK, UNITED STATES, NORTH AMERICA
⚠ partially generated by AI ↴
Organisation: 
STANDARD GENERAL, STANDARD GENERAL L.P.
Summary
Key Points: 
  • Standard General L.P. today announced it has reached an agreement with the International Alliance of Theatrical Stage Employees (IATSE), one of TEGNA’s largest unions, in connection with its pending acquisition of TEGNA.
  • As announced earlier today, Standard General is making additional commitments to IATSE, including ensuring the stability of TEGNA’s workforce and enhancing each station’s resources and operations.
  • IATSE has 362 local chapters and 168,000 members– making this one of the largest labor endorsements to date.
  • “We are delighted that IATSE has decided to support the deal and our commitments to ensure its members will receive numerous benefits under our management of TEGNA,” said Soo Kim, Founding Partner of Standard General.


Standard General L.P. today announced it has reached an agreement with the International Alliance of Theatrical Stage Employees (IATSE), one of TEGNA’s largest unions, in connection with its pending acquisition of TEGNA. As announced earlier today, Standard General is making additional commitments to IATSE, including ensuring the stability of TEGNA’s workforce and enhancing each station’s resources and operations. IATSE has 362 local chapters and 168,000 members– making this one of the largest labor endorsements to date.

Standard General had previously committed to invest in local news, preserve newsroom jobs for two years and address any concerns related to consumer pricing. Today’s additional commitments include job protections for three years, increasing local news budgets and hours of local news programming by an average of 20% across TEGNA-owned stations within three years of closing, establishing a $5 million local journalism grant fund, and neutrality for unions by establishing non-disparagement policies following the close of the transaction.

“We are delighted that IATSE has decided to support the deal and our commitments to ensure its members will receive numerous benefits under our management of TEGNA,” said Soo Kim, Founding Partner of Standard General. “At Standard General, we have a long record of constructive relationships with organized labor, and we will continue to work closely with labor unions to ensure the futures of their members and the thousands of employees at TEGNA are protected. The continued public support of this deal underscores Standard General’s sincere efforts to invest in and advance local journalism, and we encourage the FCC to do what’s right for the American public and take this deal to a vote.”

“We are happy to be entering into this agreement with Standard General to support its pending acquisition of TEGNA,” said Matt Loeb, International President of IATSE. “Standard General’s additional commitments confirm the Company’s dedication to protecting jobs while focusing on industry growth and expanding diversity of ownership in the media.”

About Standard General 

Standard General was founded in 2007 and manages capital for public and private pension funds, endowments, foundations, and high-net-worth individuals. Standard General is a minority-controlled and operated organization. Soo Kim, Standard General’s Managing Partner and Chief Investment Officer, is supported by a diverse, highly experienced 17-person team, including seven investment professionals with over 120 years of collective investing experience.

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