Standard General Issues Letter to Fellow TEGNA Shareholders, Calling for Change NEW YORK , April 1, 2021 |PRNewswire| -- Standard General L.P., the largest active shareholder of TEGNA Inc. (NYSE: TGNA ), issued the following letter to fellow TEGNA shareholders calling for change within the Company, urging shareholders to vote on the WHITE proxy card. Dear Fellow TEGNA Shareholder, Standard General has been TEGNA's largest active shareholder since the summer of 2019. In the four years since its separation from Gannett, prior to Standard General's involvement (1) , TEGNA's share price declined 28%. This is during a time when the shares of local broadcast peers (2) appreciated by 36%. With our involvement came our willingness to engage actively with management to hold them publicly accountable. Since our investment, TEGNA's share price has increased by 51% while its peers have seen an increase of 59%. Better, but not good enough. Standard General's push for change has created value for shareholders. We are an active investment manager. We believe that shareholders should have a voice.