Tegna reported higher earnings and revenue in the first quarter and said it was on track to complete the transaction under which it would be acquired by Standard General in the second half of the year.
Net income was $134.2 million, or 60 cents a share, up from $112.6 million, or 51 cents a share, a year ago.
Revenue rose 6.5% to $774.1 million, a record for the company.
Subscription revenue was up 1% to $392 million despite the impact of a lengthy blackout on Dish Network that ended on February 4.
Advertising and marketing service revenue rose 10% to $354 million, Tegna said ad revenue grew in every product category except auto and got a boost from the Super Bowl and Olympics on its NBC affiliates, as well as growth at its Premion advanced advertising unit.
Political revenue was 18 million in the first quarter. That compares to $47 million in the first quarter of the 2020 Presidential election year, but was up 80% from the first quarter of 2018, the previous midterm election year.■
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.
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