Benchmark analyst Daniel Kurnos noted that Tegna pre-released a "tight window" for Q4 results while offering an initial look at its 2020 outlook as part of its recent bond offering. Q4 EBITDA guidance looks to be about $18M ahead of consensus, though he estimates "a more modest" $5M upside in the company's 2020 guidance, Kurnos tells investors, adding that both political and gross retrans rates appear to be coming in well ahead of expectations. He raised his price target on Tegna shares to $21 from $18 and keeps a Buy rating on the shares.

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.