MCLEAN, Va.--(BUSINESS WIRE)--Nov. 10, 2016--
TEGNA Inc. (NYSE: TGNA) today announced that its Board of Directors has
approved a re-activation of share repurchases under the company’s share
buyback program. Share repurchases under the $825 million program,
approved by the Board in 2015, had been temporarily suspended in
connection with the announcement of the planned spin-off of Cars.com
on September 7, 2016. Approximately $478 million remains available under
the buyback program, which expires in June 2018. The timing and amount
of any share repurchases will depend on, among other things, market
conditions, the status of the review by the Securities and Exchange
Commission of the Cars.com
registration statement filed in connection with the proposed spin-off
and applicable legal requirements.
Gracia Martore, president and chief executive officer of TEGNA said,
“The re-activation of share repurchase activities reflects TEGNA’s
ongoing strong operational and financial performance and the Board’s
confidence in our ability to maintain current cash flow levels and
allocate capital strategically.”
Martore continued, “At current market prices, we believe TEGNA’s stock
is undervalued and represents a strong investment opportunity. As we
make progress on our plans to spin-off Cars.com,
we will continue to take a thoughtful and disciplined approach and will
evaluate any stock repurchases through the lens of maximizing value for
our shareholders.”
About TEGNA
TEGNA Inc. (NYSE: TGNA) is comprised of a dynamic portfolio of media and
digital businesses that provide content that matters and brands that
deliver. TEGNA reaches more than 90 million Americans and delivers
highly relevant, useful and smart content, when and how people need it,
to make the best decisions possible. TEGNA Media includes 46 television
stations and is the largest independent station group of major network
affiliates in the top 25 markets, reaching approximately one-third of
all television households nationwide. TEGNA Digital is comprised of
Cars.com, the leading online destination for automotive consumers,
CareerBuilder, a global leader in human capital solutions, and other
powerful brands such as G/O Digital and Cofactor. For more information,
visit www.TEGNA.com.
Certain statements in this press release may be forward looking in
nature or “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. The forward-looking statements
contained in this press release are subject to a number of risks, trends
and uncertainties that could cause actual performance to differ
materially from these forward-looking statements. A number of those
risks, trends and uncertainties are discussed in the company's SEC
reports, including the company's 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. TEGNA is not responsible for updating the information contained
in this press release beyond the published date, or for changes made to
this press release by wire services, Internet service providers or other
media.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161110005838/en/
Source: TEGNA Inc.
TEGNA Inc.
For media inquiries, contact:
Steve Kidera
Manager,
Corporate Communications
703-873-6434
skidera@TEGNA.com
or
For
investor inquiries, contact:
Jeffrey Heinz
Vice President,
Investor Relations
703-873-6917
jheinz@TEGNA.com