Tegna Sees Record Political Spending Boosting 3Q Revenue

By Jon Lafayette
( Broadcasting & Cable )
published

Preliminary report sees net income doubling to $132 million

(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.

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.