|Over a week ago|
Wells Fargo to hold a virtual conference » 09:5406/0906/09/20
SSP, TGNA, NXST, IHRT, HMTV, GTN, ETM
2020 Wells Fargo Virtual…
2020 Wells Fargo Virtual NAB Conference will be held on June 9. Webcast Link
|Over a month ago|
Tegna up 2.3% after reporting Q1 results 09:1805/0705/07/20
Tegna reports Q1 EPS 43c, consensus 38c » 08:1105/0705/07/20
Reports Q1 revenue…
Reports Q1 revenue $684.19M, consensus $679.32M. "TEGNA continues to execute on its five-pillar strategy to create value for shareholders, and our management team remains focused on managing through the current crisis-protecting our employees, supporting our customers and serving our communities. Since the onset of COVID-19, I am proud of our employees who have utilized safe and creative approaches to production during this pandemic. Our audience numbers are up significantly on all platforms whether linear TV or digital products. This audience growth reflects the critical role local broadcast plays in the communities we serve, further strengthening our value to clients in the months to come. We are proud of the performance of all of our colleagues across the country in providing a critical local link to news and information during this crisis," said Dave Lougee, president and CEO.
Tegna urges shareholders to vote for all director nominees on gold proxy card » 06:4204/2804/28/20
TEGNA urged shareholders…
TEGNA urged shareholders to vote "FOR ALL" of TEGNA's 12 director nominees on the GOLD proxy card today, by internet or by phone. To ensure your shares are represented at the Annual Meeting, shareholders should vote immediately. TEGNA recently announced strong preliminary Q1 results that, building on the company's operational, financial and M&A successes in 2019, reflect continued excellent performance across TEGNA's business and the Board's ongoing commitment to maximizing shareholder value. Leading independent proxy advisory firms Glass Lewis & Co.and Egan-Jones Proxy Services recently recommended that shareholders vote FOR ALL 12 TEGNA director nominees and reject all four Standard General nominees. Importantly, all three proxy advisory firms - Glass Lewis, Egan-Jones and Institutional Shareholder Services recommend against the election of Soohyung Kim. ISS also recommends shareholders not vote for two other Standard General nominees.
Standard General urges fellow Tegna shareholders to vote for WHITE proxy card » 07:3804/2704/27/20
Standard General, the…
Standard General, the largest equity holder of TEGNA, urged its fellow shareholders to vote for meaningful change, fresh perspectives, and diversity on TEGNA's Board of Directors by voting on Standard General's WHITE proxy card. The letter to shareholders began: "TEGNA's Annual General Meeting is this Thursday, April 30. This is your opportunity to restore the voice of shareholders. Standard General is not only the Company's largest shareholder, with a direct economic stake of almost 12% of TEGNA's shares, but we are also experienced investors in broadcasting companies with a strong track record of success. We firmly believe that TEGNA should be delivering enhanced value to shareholders commensurate with the quality of its unique assets."
Tegna director nominees receive Glass Lewis recommendation » 08:3404/2204/22/20
Tegna welcomed the…
Tegna welcomed the recommendation by Glass Lewis for Tegna shareholders to vote on the gold proxy card for all 12 of Tegna's director nominees at Tegna's 2020 annual meeting of shareholders, and rejected all of Standard General's nominees. Glass Lewis said, "Glass Lewis is of the opinion that shareholders should support the election of all of the Company's directors at this time. Despite Standard General's bleak portrayal of Tegna's past performance and its alleged lack of strategic and operational prowess under the oversight and direction of the current board and management team, we believe the Company more convincingly demonstrates, and our own analyses generally confirm, that Tegna's performance since becoming a pure-play company has been strong relative to relevant peer benchmarks and shows signs of improvement despite a challenging and evolving environment. The results achieved to date under Tegna's plan and the acquisition interest the Company attracted earlier this year should be enough evidence for investors to conclude that current leadership has Tegna pointed in the right direction, in our view. Given what we found to be several unverifiable or flatly false allegations levied by the Dissident with respect to the Company's performance and strategic plan, as well as a lack of specific ideas to better optimize Tegna's performance going forward, together with Standard General's own track record of pushing for 'transformative' M&A in the industry...we believe the extensive board changes that Standard General seeks are unwarranted and that Tegna shareholders would be better served by voting for the entire board slate proposed by the Company..."
Benchmark media analyst to hold an analyst/industry conference call » 11:5504/2004/20/20
GTN, MDP, NXST, SBGI, SSP, TGNA
Media & Entertainment…
Media & Entertainment Analyst Kurnos, along with Cox Media Group's Executive Chairman Pruett and CEO Guthrie, discuss core advertising trends and M&As on an Analyst/Industry conference call to be held on April 20 at 12:30 pm.
Fly Intel: Pre-market Movers » 09:0504/2004/20/20
EROS, EXEL, DD, TGNA, HAL, ALLY, TFC, XOM, CVX, HES, OXY, MTDR, FF, CRC, CHK, NE, PUMP, MTW
Check out this morning's…
Tegna seeing 'significant increase in audiences' across all platforms » 06:1004/2004/20/20
Dave Lougee, president…
Dave Lougee, president and CEO said, "Following a strong first quarter, in which TEGNA achieved all of our previous guidance, TEGNA is managing through today's unprecedented circumstances - and is well positioned to continue to deliver long-term value to TEGNA shareholders. We are focused on protecting our employees, supporting our customers and serving our communities. TEGNA is experiencing a significant increase in audiences on all of our platforms, highlighting the crucial role our stations play by delivering award-winning local journalism which builds trust and loyalty among viewers. Our Board and management team have led the company through previous recessions and are prepared to successfully navigate the current environment. We continue to execute our five-pillar strategy to create value for shareholders through the crisis and over the long-term. Over the past several years, we have deliberately focused on growing subscription revenues and political advertising, which are less sensitive to macroeconomic factors, and continue to be key drivers of revenue. We have also diversified our advertising business into digital with our Premion OTT platform and have expanded the number of industries that advertise with TEGNA. We continue to implement prudent capital structure management and focus on managing our costs. We have recently completed $2.1 billion in re-financings at attractive rates and extended our $1.5 billion credit facility through 2024, both of which support our strong balance sheet. At the end of March, our cash position was $35 million and unused capacity under our revolving credit facility was more than $700 million. We have also paid down nearer-term maturities and now have $100 million of maturities in 2020 and $350 million in 2021. The intermediate and longer-term drivers reflected in our first quarter results, including strong subscription and political revenue as well as the continuing benefit from recent additions to our strategically constructed portfolio, are poised to deliver significant value over time for TEGNA shareholders despite near-term uncertainty."
Tegna suspends FY20 guidance, 2021 preliminary outlook. » 06:0604/2004/20/20
The company said,…
The company said, "The full impact of the COVID-19 pandemic, particularly with regard to the broader advertising industry, remains uncertain. TEGNA believes it is prudent at this time to suspend its full year 2020 guidance and 2021 preliminary outlook. We continue to carefully monitor business impacts and to be diligent in implementing cost saving measures to reduce expenses and reducing non-critical capital expenditures. Non-political advertising revenues are being impacted by the wide variety of control measures in place, including states of emergencies, mandatory quarantines, required business closures, "shelter-in-place" orders and travel restrictions. Management and the Board have successfully managed through recessionary operating environments in the past, and we are confident that we are well equipped to successfully navigate the challenges that will come with the ongoing impacts of the COVID-19 pandemic on our operations, financial condition and liquidity."