Investment strategies
Standard General pursues a single strategy of opportunistic investing primarily in levered U.S. middle-market companies. The firm has the ability to invest across the capital structure but is better known for specializing in distressed debt. Since 2007, it has invested in both publicly traded and private entities and is known for making several control investments.Bally's
Standard General L.P. is the largest shareholder of Bally's Corporation, formerly known as Twin River Worldwide Holdings. Soo Kim, Standard General's managing partner had been an independent director of the company since 2016 and was elected chairman of the board of directors in late 2019. Kim oversaw a major expansion of its operations, including a reverse merger with Dover Downs Gaming & Entertainment to take Twin River public, and various casino acquisitions in 2020. It also acquired rights to the Bally's Corporation, Bally's brand from Caesars Entertainment (2020), Caesars Entertainment and adopted it as its corporate name, with an intent to unify all of its properties under the brand. The company also made moves to expand its focus on sports betting, including acquisitions in the field, and a partnership with Sinclair Broadcast Group to rebrand its regional sports networks under the Bally Sports, Bally name as part of a promotion and content agreement. Kim was named "American Executive of the Year" at the 2021 Global Gaming Awards. In January 2022, Standard General offered to buy all outstanding shares in Bally's Corporation that it did not already own, valuing it at $2.07 billion.Standard Media
In April 2018, the divestiture of stations by Sinclair Broadcast Group, Sinclair Broadcasting during the Tribune Media buyout opened an opportunity for Standard Media, subsidiary of Standard General, to purchase several of the stations. In the case of the stations in the Wilkes Barre, PA market, Sinclair is not the licensee of these stations and will only be selling the assets of such stations that Sinclair owns, together with its right to purchase the licenses of the stations. The deal fell through when the Sinclair-Tribune merger was terminated on August 9, 2018. The stations that were to be purchased by Standard Media included:History
Media General
Standard General became the majority owner of Young Broadcasting after its emergence from Chapter 11, Title 11, United States Code, chapter 11 bankruptcy in 2010. Young Broadcasting later merged with Media General in November 2013. Following that merger, the combined Media General went on to merge with LIN Media, a transaction that would create the nation's eight largest television station group. On January 27, 2016, Media General was sold to Nexstar Media Group, Nexstar Broadcasting. Standard General profited $300 million USD from the transaction. In recognition of this series of shareholder value-creating transactions, in May 2016, Gabelli Funds inducted Media General board member Soohyung Kim into the GAMCO Management Hall of Fame.Aliante Casino and Hotel
American Apparel
SeeRadioShack
In 2015, ''The New York Times'' described the firm as "the little-known hedge fund that is also leading the turnaround at RadioShack." In 2015, during RadioShack's Chapter 11, Title 11, United States Code, Chapter 11 bankruptcy, Standard General formed General Wireless (although unrelated, General Wireless was the original name for Metro by T-Mobile), to act as the owner and operator of the RadioShack brand and its assets. The new company partnered with Sprint Corporation, Sprint to create co-branded stores, with Sprint's name eventually becoming the primary brand on the exterior and selling both Sprint and RadioShack-branded products and services within. General Wireless filed for Chapter 11 bankruptcy on March 8, 2017, taking the RadioShack name through its second bankruptcy in two years. On June 12, 2017, General Wireless announced its intent to auction off the RadioShack name. In late July 2018, RadioShack partnered up with HobbyTown USA to open up around 100 RadioShack "Express" stores. In 2020, the assets were brought by Miami-based Retail Ecommerce Ventures.Tegna and Cox Media Group
On February 22, 2022, Tegna Inc. announced that it had agreed to be taken private by a group led by Standard General and Apollo Global Management for $24 per-share, valuing the company at $5.4 billion. The company, which will retain the Tegna name, will be controlled by an affiliate of Standard General, with Standard Media CEO Deb McDermott (who previously led Young Broadcasting and Media General) becoming CEO. Affiliates of AGM, as well as Cox Media Group (which is principally owned by AGM, with Cox Enterprises as a minority shareholder) and other investors, will hold non-voting shares in the company. Tegna's digital advertising subsidiary Premion will be held as a standalone business between Standard and CMG. The sale includes a clause that will slowly increase the value that Standard and Apollo will pay per-share if the sale takes longer than nine months to close. The sale will also result in the realignment of station holdings presently associated with both companies: Standard Media's four stations WDKA, WLNE-TV, KBSI, and KLKN will be sold to Cox Media Group, which will then divest its Boston station WFXT to Tegna and Standard General, and acquire WFAA/KMPX, KHOU/KTBU, and KVUE (Texas), KVUE, from Tegna. On March 30, 2022, Cox Media Group announced that it would sell 18 stations, namely KLAX-TV, KLAX in Alexandria, Louisiana, Alexandria, WICZ-TV, WICZ in Binghamton, New York, Binghamton, KIEM-TV, KIEM and KVIQ-LD in Eureka, California, Eureka, WABG-TV, WABG, WNBD-LD, WNBD and WXVT-LD, WXVT in Greenwood, Mississippi, Greenwood, KPVI-DT, KPVI in Idaho Falls, Idaho, Idaho Falls, KMVU-DT, KMVU and KFBI-LD in Medford, Oregon, Medford, WHBQ-TV, WHBQ in Memphis, Tennessee, Memphis, KAYU-TV, KAYU in Spokane, Washington, Spokane, WSYT in Syracuse, New York, Syracuse, KOKI-TV, KOKI and KMYT-TV, KMYT in Tulsa, Oklahoma, Tulsa, KCYU-LD and KFFX-TV, KFFX in Yakima, Washington, Yakima and KYMA-DT, KYMA in Yuma, Arizona, Yuma to Imagicomm Communications—a shell company affiliated with the cable network INSP (TV network), INSP—for an undisclosed amount. The sale was completed on August 1. The sale was approved by Standard General and Apollo Global Management on May 17, 2022. It still awaits FCC approval. In October 2022, Chair of the United States House Committee on Energy and Commerce, House Energy and Commerce Committee Frank Pallone and Speaker of the United States House of Representatives, Speaker of the House Nancy Pelosi issued a letter to the FCC expressing concerns for the transaction, arguing that it "would violate the FCC's mandate by restricting access to local news coverage, cutting jobs at local television stations, and raising prices on consumers." They specifically cited statements by Standard General regarding plans for a Washington, D.C. bureau to produce content for local newscasts, and arguing that Tegna's stations had "too many employees". Standard General responded to the letter, denying that they planned to cut jobs or hub content, and promoting that Tegna would become the largest female-run and minority-owned broadcaster in the United States. They also responded to objections by NewsGuild-CWA describing Standard General as "backed by anonymous investors located in the Cayman Islands", stating that the entirety of its board is represented by U.S. interests.References
{{reflist Financial services companies established in 2007 Hedge fund firms of the United States