As previously reported, Stephens analyst Kyle Evans downgraded Tegna (TGNA) to Equal Weight from Overweight and lowered his price target on the shares to $17 from $19 after the company agreed to acquire stations in Indianapolis and Columbus for $535M in cash from Dispatch Broadcast Group. While he said he likes the free cash flow accretion, increased scale and addition of an Ohio station ahead of the 2020 political cycle, Evans thinks current valuation and the growing scale make Tegna a less likely target for Apollo (APO).

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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.

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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.