Hedge Fund Fight With Union Exposes Vast Stakes of Tegna Deal

A union lawyer arguing that the$5.4 billion purchase of broadcaster Tegna Inc. by hedge fund Standard General LP will corrode democracy and should be blocked is also a lobbyist for three companies that stand to benefit financially if the deal dies.

David Goodfriend, who represents the Communications Workers of America’s NewsGuild in proceedings before the US Federal Communications Commission, has been arguing against the Standard General-Tegna tie-up for months, saying that the deal would wreck local journalism and hurt free speech.

Standard General’s co-founder Soo Kim, a rising star in the hedge fund world, sees Tegna as ...