Standard General
| Company type | Private |
|---|---|
| Industry | Hedge fund, Investment management |
| Founded | 2007 |
| Founder | Soohyung "Soo" Kim, Nicholas Singer |
| Headquarters | New York City , United States |
Key people | Soohyung "Soo" Kim (Managing Partner and Chief Investment Officer) |
| Products | Opportunistic investments, distressed debt, controlling interests in public and private companies |
| Owner | Soo Kim (via Standard General Management LLC and Acme Amalgamated Holdings, LLC) |
Standard General L.P. is a hedge fund headquartered in New York City, established in 2007 by Soohyung "Soo" Kim and Nicholas Singer, with initial backing from Reservoir Capital Group. Since 2013, Soo Kim has held the positions of Managing Partner and Chief Investment Officer. In 2021, Kim earned the title of "American Executive of the Year" at the Global Gaming Awards.
Control of Standard General L.P. is exercised via Standard General Management LLC and Acme Amalgamated Holdings, LLC, both ultimately owned by Soo Kim.
The firm has been instrumental in overseeing bankruptcy proceedings for several companies such as Aliante Casino and Hotel, American Apparel, Greektown, RadioShack, and Young Broadcasting.
As stated in its 2019 10K filing, Standard General holds the largest ownership stake in Bally's Corporation.
Investment strategies
Standard General targets opportunistic investments mainly within leveraged middle-market companies across the United States, with a focus on distressed debt throughout various parts of the capital structure. Since its founding in 2007, the firm has invested in both publicly traded and private companies, frequently acquiring controlling interests.
Bally's
As the principal shareholder of Bally's Corporation, previously known as Twin River Worldwide Holdings, Standard General has played a significant role in its evolution. Soo Kim joined Bally's board as an independent director in 2016 and was appointed chairman by the end of 2019. Under his guidance, the company undertook a reverse merger with Dover Downs Gaming & Entertainment to become publicly traded and completed multiple casino acquisitions during 2020.
The company secured the rights to the Bally's brand from Caesars Entertainment and subsequently rebranded itself to consolidate its properties under this unified identity. Bally's further expanded into the sports betting sector by acquiring relevant businesses and collaborating with Sinclair Broadcast Group and Entertainment Studios to transform regional sports networks into Bally Sports through a promotional and content partnership.
In January 2022, Standard General proposed purchasing all remaining outstanding shares of Bally's Corporation it did not already own, valuing the enterprise at $2.07 billion.
MediaCo
Founded in Indiana in 2019, MediaCo Holding Inc. ("MediaCo") is a multimedia company specializing in television, radio, digital advertising, premium content programming, and events. On April 17, 2024, MediaCo completed the acquisition of nearly all assets and liabilities of Estrella Broadcasting, Inc. and its subsidiaries, excluding selected broadcast properties.
MediaCo’s holdings include two New York City radio stations—WQHT(FM) and WBLS(FM)—which cater primarily to Black, Hispanic, and multicultural audiences. The Estrella acquisition significantly broadened MediaCo’s footprint by adding 11 radio stations across Los Angeles, Houston, and Dallas along with nine television stations located in Los Angeles, Houston, Denver, and Miami. Notable Estrella assets incorporated into MediaCo consist of the EstrellaTV network; its linear and digital video content operations; four FAST channels (EstrellaTV, Estrella News, Cine EstrellaTV, Estrella Games); plus the EstrellaTV app.
As of 2023, Standard General remains MediaCo’s largest shareholder.
| Media market | State | Station | Branding |
|---|---|---|---|
| Los Angeles | California | KBUA | Qué Buena 94.3 FM |
| KBUE | Qué Buena 105.5 FM | ||
| KEBN | Qué Buena 94.3 FM | ||
| KRCA | Estrella TV | ||
| KVNR | Little Saigon Radio 1480AM | ||
| Riverside | KRQB | Qué Buena 96.1 FM | |
| Denver | Colorado | KETD | Estrella TV |
| Chicago | Illinois | WESV-LD | Estrella TV |
| New York City | New York | WASA-LD | Estrella TV |
| WQHT | Hot 97.1 FM | ||
| WBLS | WBLS 107.5 FM | ||
| WQHT-HD2 | La Buena 97.1 HD2 FM | ||
| WBLS-HD2 | Luna 107.5 HD2 FM | ||
| Beaumont–Port Arthur | Texas | KQQK | El Norte 107.9 FM |
| KTJM | La Raza 98.5 FM | ||
| Dallas–Fort Worth | KNOR | La Raza 93.7 FM | |
| KBOC | Luna 98.3 FM | ||
| KZZA | La Ranchera 106.7 FM | ||
| Houston | KEYH | Houston Radio Platinum 850AM | |
| KNTE | La Raza 101.7 FM | ||
| KZJL | Estrella TV |
Standard Media
In April 2018, the planned sale of stations by Sinclair Broadcasting as part of the Tribune Media acquisition presented an opening for Standard Media, a Standard General affiliate, to purchase multiple stations. For the Wilkes-Barre, Pennsylvania area, Sinclair was divesting only the assets it controlled along with its rights to acquire station licenses. However, this transaction was nullified when the Sinclair-Tribune merger was called off on August 9, 2018.
The stations that Standard Media aimed to acquire included:
| Call Sign | Current Owner | Affiliate | Media Market |
|---|---|---|---|
| WXMI | E. W. Scripps Company | Fox | Grand Rapids, Michigan |
| WPMT | Tegna | Fox | Harrisburg, Pennsylvania |
| WXLV-TV | Sinclair | ABC | Greensboro, North Carolina |
| WRLH-TV | Sinclair | Fox | Richmond, Virginia |
| WOLF-TV | Sinclair | Fox | Wilkes-Barre, Pennsylvania |
| WQMY | Sinclair | MNT | Wilkes-Barre, Pennsylvania |
| WSWB | Sinclair | CW | Wilkes-Barre, Pennsylvania |
| KDSM-TV | Sinclair | Fox | Des Moines, Iowa |
| KOKH-TV | Sinclair | Fox | Oklahoma City |
Media General
Following its emergence from chapter 11 bankruptcy in 2010, Standard General became the principal shareholder of Young Broadcasting. Young Broadcasting later merged with Media General in November 2013. Subsequently, Media General combined with LIN Media, creating the eighth-largest television station group nationwide. On January 27, 2016, Nexstar Broadcasting Group acquired Media General, resulting in a $300 million gain for Standard General. In recognition of these successful transactions that enhanced value, Gabelli Funds honored Media General board member Soohyung Kim in the GAMCO Management Hall of Fame in May 2016.
Aliante Casino and Hotel
The Aliante Casino and Hotel was a joint development by Station Casinos and the family-owned Greenspun Corporation. After Station Casinos filed for bankruptcy, control of Aliante shifted to its lenders in 2011. Between 2011 and 2016, Standard General held the largest ownership stake in ALST Casino Holdco, which owned the Aliante property located in North Las Vegas; Soohyung Kim served as CEO during this period. In April 2016, Boyd Gaming purchased ALST Casino Holdco LLC for $380 million in net cash.
RadioShack
During RadioShack’s Chapter 11 bankruptcy proceedings in 2015, Standard General established General Wireless to take ownership of the RadioShack brand and related assets. This entity collaborated with Sprint to launch co-branded retail outlets that eventually emphasized Sprint branding while offering both Sprint and RadioShack products. However, General Wireless itself filed for Chapter 11 bankruptcy on March 8, 2017—marking RadioShack’s second bankruptcy within two years. On June 12, 2017, plans were announced by General Wireless to auction off the RadioShack brand. By July 2018, RadioShack had partnered with HobbyTown USA to open approximately 100 RadioShack "Express" locations. In 2020, Retail Ecommerce Ventures based in Miami acquired the brand’s assets with intentions to relaunch it as a prominent e-commerce platform.
Tegna and Cox Media Group
On February 22, 2022, Tegna Inc. consented to a privatization deal led by Standard General alongside Apollo Global Management, offering $24 per share and valuing the firm at $5.4 billion. The merged entity would continue operating under the Tegna brand, with governance by a Standard General affiliate and the appointment of Standard Media CEO Deb McDermott as chief executive officer. Non-voting shares would be held by affiliates of AGM, Cox Media Group—primarily owned by AGM with a minority interest from Cox Enterprises—and other investors. Tegna’s digital advertising arm, Premion, was planned to remain independent between Standard and CMG. Additionally, a provision stipulated an increased per-share payment if the closing extended beyond nine months.
The arrangement included restructuring station ownership: Standard Media’s four stations (WDKA, WLNE-TV, KBSI, KLKN) were to be sold to Cox Media Group, which in turn would transfer Boston’s WFXT to Tegna and Standard General, while acquiring WFAA/KMPX, KHOU/KTBU, and KVUE from Tegna. To adhere to FCC ownership regulations, certain stations in overlapping markets (Atlanta, Charlotte, Jacksonville, Memphis, Seattle, and Spokane) were designated for sale to third-party buyers.
On March 30, 2022, Cox Media Group revealed plans to sell 18 stations across 12 markets—including KLAX-TV (Alexandria), WICZ-TV (Binghamton), and both KIEM-TV and KVIQ-LD (Eureka)—to Imagicomm Communications, affiliated with cable network INSP, for an undisclosed amount.
The transaction received endorsement from Standard General and Apollo Global Management on May 17, 2022, and was finalized on August 1, 2022.
On October 6, 2022, concerns were raised by House Energy and Commerce Committee Chair Frank Pallone and Speaker Nancy Pelosi in a letter to the FCC regarding the acquisition’s potential impact on local news availability, station employment levels, and consumer costs. They referenced Standard General’s intentions to establish a Washington, D.C. bureau supplying content for local broadcasts and suggested that Tegna had surplus personnel. Standard General refuted claims of planned layoffs or centralized content production, highlighting that after the acquisition Tegna would become the largest broadcaster led by women and minorities in the U.S., countering critiques about transparency among its investors.
On February 24, 2023, FCC staff referred the merger for review by an administrative law judge; subsequently, on May 22, the FCC Commissioners voted to remand the review process. The acquisition was terminated that same day due to difficulties securing funding.
Awards
In 2016, Standard General L.P. was honored with the Diverse Practitioner Award from the New York City Comptroller's Office.