Top 5 Stock Picks of Randall Smith’s Alden Global

4. TEGNA Inc. (NYSE:TGNA)

Alden Global’s Stake Value: $6.826 million

Number of Hedge Fund Holders: 44

TEGNA Inc. (NYSE:TGNA) is one of two broadcasting companies in the top 10 stock picks of Randall Smith’s Alden Global, whose holding has increased by 46% in the company in the first quarter. TEGNA Inc. (NYSE:TGNA) has recently been in the news for a proposed sale to Standard General which has met with a lot of opposition, especially from unions.

TEGNA Inc. (NYSE:TGNA) was also mentioned by Hourglass Capital in its Q1 2022 investor letter. Here is what it said:

“At the portfolio level, clients fully invested at the start of the year saw an average return of 5.4% in the first quarter after all associated fees. I made three sales during the quarter, all for very different reasons. First, I sold the entirety of our position in TEGNA, Inc., a broadcasting and digital media business, after the company received a leveraged buyout offer by two joint-venture private equity investors, Standard General and Apollo.”