Standard General Gets Backing of Large Tegna Labor Union Over Pending Acquisition
April 17 2023 - 4:37PM
Dow Jones News
By Sabela Ojea
Standard General L.P. said Monday that it reached a deal with
one of Tegna Inc.'s labor unions to support the pending acquisition
of the TV stations owner.
The capital management firm said the agreement signed with the
International Alliance of Theatrical Stage Employees includes job
protections for three years, raising local news budgets and
increasing hours of local news programming by 20%, among other
clauses.
Standard General had previously committed to invest in local
news and preserve newsroom jobs for two years.
The IATSE union has 168,000 members. Tegna's deal with Standard,
initially valued at $5.4 billion, is subject to FCC approval.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 17, 2023 16:22 ET (20:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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