The Change TEGNA Needs - Standard General Calls For Immediate Action To Hold TEGNA's Board Accountable For Long Standing Governance Failures NEW YORK , April 21, 2021 |PRNewswire| -- Standard General L.P., the largest equityholder of TEGNA Inc. ("TEGNA" or the "Company") (NYSE: TGNA ), today released an open letter to TEGNA shareholders. April 21, 2021 To Our Fellow TEGNA Shareholders, We would like to respond to TEGNA's rebuttal presentation published on April 15 , 2021. The presentation is deeply flawed and is premised on a fundamental mischaracterization: TEGNA uses the wrong peer group. TEGNA is a pure-play television broadcaster. TEGNA's presentation benchmarks itself to media companies Meredith and Scripps, which have significant non-television assets. Meredith derives most of its revenue from its magazine|newspaper business and only 27% of revenue from its comparable television broadcasting business. Similarly, Scripps has a significant national media business, which includes Triton (SaaS business model), Newsy (national news network), and Katz (operator of multicast networks). TEGNA should instead compare itself to Nexstar and Gray, which are pure-play television broadcasters.