Stephens analyst Kyle Evans noted that a Third Circuit Court ruling protects the new FCC ownership rules for 6 months and he views the stay on petitions in this matter as a positive for the broadcasting group. However, he still thinks continued uncertainty around the timing and final structure of Sinclair's (SBGI) deal for Tribune Media (TRCO), high leverage and tax reform complications on market swaps as possible constraints on near-term deal activity. Other companies in the space include Gray Television (GTN), Nexstar (NXST) and Tegna (TGNA).

Tegna announced new multi-year agreements with the Seattle Kraken and Prime Video for fans to watch their games throughout the Pacific Northwest. Starting next season, Tegna stations KING 5 and KONG in Seattle will broadcast all non-nationally televised games for free over the air. KING 5 becomes the official television partner of the Seattle Kraken. In addition, Prime Video will stream all non-nationally televised games for Prime members in Washington, Oregon and Alaska, which will include pre-season, regular season and the first round of playoffs. Tegna will work with additional broadcast companies in the coming weeks to expand free over-the-air broadcast access to all available television markets in Washington, Oregon and Alaska.

Shareholders of TEGNA Inc. overwhelmingly approved the re-election of nine Board members and an advisory resolution on the compensation of the company's named executive officers. TEGNA shareholders re-elected Board Chairman Howard D. Elias, president and CEO Dave Lougee, Gina L. Bianchini, Stuart J. Epstein, Karen H. Grimes, Scott K. McCune, Henry W. McGee, Neal B. Shapiro and Melinda C. Witmer to the Board of Directors at the company's annual meeting held this morning. Directors will serve one-year terms ending at TEGNA's 2025 annual meeting.