Tegna said it is “currently evaluating its options” as its acquisition by Standard General continues to face regulatory review.
As part of its fourth-quarter earnings report, Tegna said today (February 27) its board agreed to extend the “outside date” of its merger agreement with Standard General to May 22.
The company noted that waiting periods under the Hart-Scott-Rodino antitrust law have expired, but the closing of the transaction remains subject to approval by the Federal Communications Commission, which instead of approving the deal referred it to an administrative judge on Friday — a move that will at least extend the review, if not kill the deal.
Also Read: Tegna Stock Plunges After FCC Sends Standard General Deal to Judge
Standard General has not commented on the FCC’s action.
In the fourth quarter, Tegna’s net income jumped to $218.6 million or 97 cents a share, from $129.4 million, or 58 cents a share.
Revenue rose 18.4% to $917 million.
Political revenue of $179 million was up 9% from 2018, the previous off-year election year, but down from the 2020 presidential year. Excluding political revenue, advertising and marketing services revenue was down $5 million, to $1.4 billion, because of the displacement of regular advertisers due to political advertising and macroeconomic headwinds.
Subscription revenue rose 4%, to $1.5 billion. ■
