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.
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.
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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.