Tegna Reports 13.9% Increase in Third Quarter Net Income

By Jon Lafayette
( Broadcasting & Cable )
last updated

Revenue rose 6% to $803 million

Tegna headquarters in McLean, Va.
(Image credit: Andrew Harrer/Bloomberg via Getty Images)

Tegna, in the process of being acquired by Standard General, reported higher third quarter earnings and revenue.

The company said it was “on track” to complete the transaction in the second half of the year, subject to regulatory and other closing conditions.

Net income rose 13.9% to $146.1 million, or 65 cents a share, from $128.3 million, or 58 cents, a year ago.

Revenue rose 6.2% to $803.1 million.

Subscription revenue rose 2% to a record $377 million.

Advertising and marketing services revenue fell 12% to $321 million from last year, when the Olympics aired on Tegna's large group of NBC affiliates.

Political ad revenue was $93 million, up 28% from the prior midterm election in 2018. ■

Jon Lafayette
Jon Lafayette

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.