Tegna reported lower third-quarter earnings as revenue dropped by 11% in a non-election year.
Net income was $96.2 million, or 48 cents a share, compared to $146.1 million or 65 cents a share a year ago.
Revenue was down 11% to $713 million.
The company said it signed a multiyear affiliation renewal with ABC covering stations in 13 markets serving 11 million households.
Advertising and marketing services revenue dropped 3% to $312 million. The company said the ad market improved from the second quarter, with automaker spending growing.
Subscription revenue edged up to $378 million.
Tegna said its stations’ streaming apps generated 677 million minutes in viewing during the quarter, a 78% increase year-over-year.
For the fourth quarter, Tegna said it expected revenue to be down by the mid- to high teens.
“Tegna is operating from a position of strength within the broadcast industry, and we are seeing positive momentum across our organization,” CEO Dave Lougee said.
“Our management team and board are laser-focused on generating shareholder value and building a track record of disciplined capital allocation as Tegna advances its strategy as a standalone company,” Lougee said. “We fully expect 2024 will be another strong year driven by our favorable portfolio of stations in key markets benefiting from a robust presidential election cycle, the Summer Olympic Games and the Super Bowl.”
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.