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Tegna Sees Record Political Spending Boosting 3Q Revenue

(Image credit: Tegna)

Tegna, releasing preliminary financial results for the third-quarter said that a record-breaking year for political advertising will boost revenue by 34% to $738 million. 

Excluding political advertising, revenue is expected to be up 14%, thanks to acquisitions and stronger than expected spending offsetting the effects COVID-19 have had on local businesses.

Tegna acquired stations from Dispatch in August 2019 and Nextstar in 2019.

Net income is expected to come in at $132 million, double a year ago. 

The company also said full-year subscription revenue for the full year of 2020 is expected to be up in the high-twenty percentage range. The company previously provided guidance that subscription revenue would be up in the mid 20% range.