Media Spotlight Shines on FCC Inaction and Increased Advocacy from Civil Rights Groups
Reporter: “The FCC Declined Our Request for More Information“
13 Days Until Deal that Would Strengthen Local Journalism and Increase Minority Media Ownership by 300% dies due to FCC’s refusal to hold a vote
WASHINGTON–(BUSINESS WIRE)–In case you missed it, last night CNBC reported on the Federal Communications Commission’s (FCC) refusal to hold a vote on the pending deal between Standard General and TEGNA, which will die on May 22nd without a vote from the FCC. On CNBC’s primetime show Last Call, correspondent Contessa Brewer highlighted the FCC’s efforts to avoid holding a vote on the pending acquisition, political maneuvering from well-connected opposition parties, and the mounting support from civil rights groups for Standard General’s request for a vote and public accountability. In her coverage, she highlighted how opponents of the deal even argue that the deal doesn’t advance minority media ownership, despite Standard General being led by Korean-American Soo Kim and Standard Media’s CEO being a woman, Deb McDermott.
“What we ask for is to be treated like every other applicant,” Standard General’s Soo Kim said in an interview.
“The FCC declined our request for more information,” the reporter said.
Then this morning, the Washington Post’s Tech 202, included that “Deal supporters like former Congressional Black Caucus chair Cedric L. Richmond say the transaction can be a test case of the administration’s commitment to media diversity.”
This comes on the heels of coverage yesterday by Axios on Standard General announcing the signing of a new memorandum of understanding (MOU) to further strengthen its commitments to diversity and inclusion for its pending acquisition of TEGNA. The MOU outlined a five-part diversity, equity, and inclusion action plan that would immediately go into effect following the closing of the Standard General – TEGNA transaction and guide all parties’ collaborative efforts to increase diverse representation across U.S. local news programming. The signers of the MOU include Asian Americans Advancing Justice, National Action Network, National Urban League, and UnidosUS.
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. Mr. Kim is supported by a diverse, highly experienced 17-person team, including seven investment professionals with over 120 years of collective investing experience.
Contacts
For media inquiries, contact:
Standard General
Andy Brimmer / Jamie Moser / Jack Kelleher
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
