Tegna, which last week agreed to be acquired by Standard General, reported lower fourth-quarter net income in a non-election year.
Net income was $129.4 million, or 48 cents a share, compared to $244.3 million, or $1.11 a share.
Revenue was down 17% to $775 million. A year ago the company had $238 million in political revenue that didn’t recur in a non-election year.
Also: Standard General Says Change Will Be Good for Tegna
Subscription revenue was up 7% to $336 million. Revenue was impacted by a dispute with Dish that led to a blackout that was resolved earlier this month.
AMS (advertising and marketing services) revenue rose 14% to $400 million.
“Following a thorough review of acquisition proposals, Tegna’s standalone prospects, and other strategic alternatives, our Board unanimously concluded that Standard General’s offer maximizes value for our shareholders,” said CEO Dave Lougee.
“This transaction is the next step in Tegna’s evolution and I am confident in the company’s bright future, building on our exceptional execution, and performance to date. I would like to commend the dedication of my Tegna colleagues throughout the year in fulfilling our purpose of serving the greater good. Their commitment to exceptional journalism, diversity, equity, and inclusion and serving our customers helped make a positive impact in our communities," Lougee said. ■
