With confirmation that TEGNA is being acquired by a partnership led by Standard General that sees Apollo Global Management taking a non-voting stake in the broadcast television company, CEO Dave Lougee will depart.
Who is his replacement? A familiar face for Soohyung Kim, the new TEGNA board chairman once closing occurs.
TEGNA early Tuesday (2/22) revealed that Deb McDermott will become CEO.
McDermott currently serves as CEO of Standard Media, and was most recently in the news for her January 2021 decision to sell her ownership stations in two stations acquired in May 2019 from Citadel Communications LLC — WLNE-6 in Providence, R.I., and KLKN-8 in Lincoln, Neb. — for $83 million to Soo.
For TV industry veterans, McDermott is well-known for her long run at the ABC affiliate serving Nashville. For many years, she was associated with WKRN-2, today owned by Nexstar Media Group. As GM of the TV station under Young Broadcasting, McDermott would rise to President in 2004 and lead Young through its 2009 voluntary Chapter 11 bankruptcy restructuring. By January 2013, she had risen to CEO.
McDermott has also been Chief Operating Officer of Media General, now a part of Nexstar.
Soo pointed to McDermott’s experience at both Young and Media General leading “the successful acquisition, integration, and operation of more than 90 stations.”
As Lougee’s successor, she’ll repeat that task.
“I am honored to lead TEGNA’s team to create new opportunities and build on its heritage and successes achieved under Dave’s leadership,” McDermott said. “TEGNA’s stations
have earned excellent reputations as leading local content providers, and TEGNA’s digital and content assets are a key part of its future in an evolving media landscape. These achievements are a credit to the hard work of TEGNA’s dedicated employees, who are the company’s most valuable asset. I’m very excited about what the future holds for TEGNA.”
Soohyung Kim added, “As long-term investors in the television broadcasting industry, we have a deep admiration for TEGNA and the stations it operates and, in particular, for TEGNA’s talented employees and their commitment to serving their communities. We are excited to partner again with Deb McDermott … We believe TEGNA has a strong foundation and exciting prospects for continued growth as a result of the stewardship of the Board and the current management team. We look forward to building on the company’s strong foundation and leveraging Deb’s deep industry experience to drive further growth.”
Lougee, who is scheduled to lead TEGNA’s Q4 2021 earnings call on Monday (2/28), said, “This transaction is the next step in TEGNA’s evolution and recognizes the value of our portfolio of leading broadcast assets and innovative digital brands. At all levels, we have been tireless in our efforts to ensure TEGNA effectively serves all of our stakeholders, and I am immensely proud of these efforts. We are deeply gratified that TEGNA’s new owners value and embrace our purpose to serve the greater good of our communities.”
Lougee also called McDermott “an experienced and accomplished broadcast executive,
and we are confident in TEGNA’s future under her leadership.”
It’s now up to TEGNA shareholders to say yes to the acquisition agreement, along with federal regulators.
