After spending time with management, Wells Fargo analyst Marci Ryvicker says Tegna "is the most misunderstood of all the broadcasters." With over 50% of its revenue coming from big market NBC stations, Tegna seems positioned to have "some absolutely great even-number years," the analyst contends. Ryvicker sees 2018 as one of those years, given both the Winter Olympics and the Super Bowl. The analyst finds it unfortunate that Tegna also gets disproportionately hit in the odd years, such as 2017, which she believes is not always so understood by investors. Ryvicker notes the company must first get past a "noisy" last two quarters of 2017. She keeps a Market Perform rating on Tegna with a $14 price target.

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.