In a Securities and Exchange Commission Form 13D, Standard General LP and the firm's chief investment officer, Soohyung Kim, disclosed a 9.8% holding in the Tysons, Va., company. An August disclosure with the SEC showed that the investors held 9.2%.
Tegna shares were up 3.8% to $15.55 on Monday. As of Friday's close, the stock had risen about 38% in 2019. The company's current market capitalization is about $3.25 billion.
The latest SEC filing, dated Sept. 30, said Standard General and Kim hold the shares as an investment.
It also said that since the August filing, they have "observed news articles, disclosures by [Tegna] and third-party research reports regarding possible M&A activity relating to" Tegna.
Standard General and Kim said in their latest SEC filing that they have experience as holders and directors of publicly listed TV broadcasters and a track record "of overseeing acquisitions, mergers and sales processes" of such companies.
The investors plan activities that may include making proposals regarding the company's business, management, strategic alternatives, capital structure and corporate governance, the filing said.