Tegna Reports Lower Q1 Earnings As Standard General Deal Nears Expiration

By ( Broadcasting & Cable ) published

Revenue down 4.4%

Tegna HQ in McLean, VIrginia
(Image credit: Andrew Harrer/Bloomberg via Getty Images)

Tegna reported lower first-quarter earnings as it weighs its options regarding its soon-to-expire agreement to be acquired by Standard General.

In announcing its earnings Tegna reviewed the latest developments in the effort to get the transaction through what has been a lengthy regulatory review, including a the court of appeals denying a petition for a writ of mandamus compelling the FCC to vote on the deal.

Also Read: FCC Judge Suspends Standard General-Tegna Review

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Tegna is currently evaluating its options,” the company said.

Standard General has said its financing for the deal will expire on May 22.

Tegna reported that its first-quarter net income fell 22.3% to $104.3 million, or 46 cents a share, compared to $134.2 million, or 60 cents a share, a year ago. 

Revenue declined 4.4% to $740.3 million

Subscription revenue rose 5.8% to $414 

Advertising and marketing services revenue fell 13.2% to 307.8 million.

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.