COX MEDIA GROUP'S WFXT-TV/BOSTON TO ANCHOR NEW STATION GROUP TO BE OWNED BY STANDARD GENERAL AFFILIATE

NEW YORK and ATLANTA, Feb. 22, 2022 /PRNewswire/ -- Standard General L.P. and Cox Media Group (CMG) today announced four transactions in which, first, CMG will acquire the station group currently owned by Standard General's affiliate, Community News Media LLC (CNM), and, in a second, subsequent transaction, a Standard General affiliate will acquire CMG's WFXT/Boston as the anchor of a new station group. Following the close of those two transactions, the Standard General affiliate will acquire TEGNA, in a take-private deal that Standard General and TEGNA separately announced today.

In a subsequent transaction that would follow the Standard General affiliate's acquisition of TEGNA, CMG will acquire TEGNA's Austin, Texas station, KVUE-TV, its Dallas stations, WFAA and KMPX, and its Houston stations, KHOU and KTBU.

Soo Kim, Founding Partner of Standard General L.P., said, "We are delighted to be acquiring WFXT/Boston, which will serve as a foundation for our new station group and provide our new company with a historic legacy from its very start."

With respect to Standard General's sale of its CNM stations to CMG, Kim added, "We appreciate the many contributions of our dedicated station employees and are confident that they will have great futures at CMG, an exceptional broadcast group with a strong commitment to the communities it serves."

CMG's President and CEO, Dan York said, "We will be pleased to welcome the strong talent at CNM and at TEGNA's stations in Austin, Dallas and Houston into the CMG family. The opportunity to grow in these CNM and Texas markets further complements CMG's existing core strengths."

Of the sale of the Boston station, York added, "We will miss the dedicated team at WFXT Boston25, but we know they will form an ideal foundation for Standard General's new company and its further growth."

The CNM stations to be acquired by CMG are:

• KBSI (Fox) – Cape Girardeau, Missouri
• KLKN (ABC) – Lincoln, Nebraska
• WDKA (MyNet) – Paducah, Kentucky
• WLNE-TV(ABC) – New Bedford, Massachusetts

An affiliate of Standard General will hold substantially all of the voting, common equity in the new entity that is acquiring TEGNA, with CMG and funds managed by affiliates of Apollo Global Management, to hold securities in the new entity that will be non-voting and non-attributable and with other investors holding non-voting interests.  Mr. Kim will serve as Chairman and Deb McDermott will become CEO of the new entity that will own and operate the new station group.

The transactions are subject to customary closing conditions, including applicable regulatory approvals. The parties expect to close the announced transactions in the second half of 2022.

Advisors
RBC Capital Markets is acting as financial advisor to Standard General and Fried Frank Harris Shriver & Jacobson LLP and Pillsbury Winthrop Shaw Pittman LLP are acting as its legal advisors. CMG and the Apollo funds are being advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP, as well as by Cooley LLP, Greenberg Traurig LLP, Morgan Lewis & Bockius LLP, and Sidley Austin LLP.

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 investing experience.

About CMG
CMG Media Corporation (d/b/a Cox Media Group) is an industry-leading media company with unparalleled brands, award-winning content, and exceptional people. CMG provides valuable local content to viewers in the communities in which it serves. The company's operations primarily include 33 high-quality, market-leading television stations in 20 markets, 53 top-performing radio stations delivering all genres of content in 11 markets, and numerous streaming and digital platforms. CMG's portfolio includes primary affiliates of ABC, CBS, FOX, NBC, and MyNetworkTV, as well as several valuable news and independent stations. Additionally, the company also offers a full suite of national, regional, local and digital advertising services with CMG Local Solutions, CoxReps and Gamut. For more information about CMG, visit www.coxmediagroup.com.

About Apollo Global Management
Apollo is a global, high-growth alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2021, Apollo had approximately $498 billion of assets under management. To learn more, please visit www.apollo.com.

For media inquiries, contact:

Standard General
Andy Brimmer/Jamie Moser
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

CMG
Mary Ellen Marcilliat-Falkner
Executive Vice President
Cox Media Group
[email protected]

SOURCE Standard General