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TEGNA Announces Updated Share Repurchase Program
Strong free cash flow from operations also continues to support commitment to strong dividend yield and ongoing investment in growth opportunities
TYSONS, Va.--(BUSINESS WIRE)--Sep. 9, 2021--
UPDATED SHARE REPURCHASE PROGRAM
TEGNA’s previously announced
TEGNA’s Board is also assessing the scope and scale of a subsequent share buyback program to be established upon completion of the existing program.
“TEGNA continues to see momentum accelerate across its business. We are executing our long-term strategy which continues to generate strong free cash flow, underpinned by high-margin, durable subscription and political revenues. Improving subscriber trends and multi-year distribution agreements also provide clear line of sight into future cash flows, which are also benefitted by the continued strong growth at our industry-leading OTT advertising platform, Premion,” said
“Beyond this, the outlook for political revenue in 2022 also continues to strengthen, with nearly all of the most competitive
“As discussed on our recent earnings calls, we have seamlessly integrated the stations we acquired in 2019 which delivered meaningful synergies well ahead of schedule. As a result,
“Due to our confidence in our 2021 performance as well as the strength of our future cash flows, in conjunction with the current attractiveness of share repurchases, TEGNA’s Board has proactively authorized use of the entire existing
“The Board remains focused on maximizing long-term shareholder value, and will continue to proactively evaluate all options for capital deployment going forward, including potentially increasing the size of our share repurchase program.”
Forward Looking Statements
Certain statements in this communication may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to a number of risks, trends and uncertainties that could cause actual results or company actions to differ materially from what is expressed or implied by these statements, including risks relating to the coronavirus (COVID-19) pandemic and its effect on our revenues, particularly our nonpolitical advertising revenues. Potential regulatory actions, changes in consumer behaviors and impacts on and modifications to TEGNA’s operations and business relating thereto and TEGNA’s ability to execute on its standalone plan can also cause actual results to differ materially. Other economic, competitive, governmental, technological and other factors and risks that may affect TEGNA’s operations or financial results are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements in this press release should be evaluated in light of these important risk factors.
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