Overview

* Tegna ( TGNA ) Q3 revenue fell 19%, missing analyst expectations

* Adjusted EBITDA for Q3 beats analyst estimates, aided by cost-cutting initiatives

* Nexstar to acquire Tegna ( TGNA ) for $6.2 bln, pending regulatory approval

Outlook

* TEGNA ( TGNA ) will not provide forward-looking financial guidance due to pending Nexstar acquisition

* TEGNA ( TGNA ) expects Nexstar acquisition to close by the second half of 2026

* TEGNA ( TGNA ) suspends share repurchases but will continue quarterly dividends until acquisition closes

Result Drivers

* POLITICAL ADVERTISING DECLINE - Revenue fell due to lower political advertising, consistent with cyclical even-to-odd year comparisons

* AMS REVENUE DROP - AMS revenue decreased 12% due to macroeconomic challenges and loss of a major reseller partner

* COST-CUTTING MEASURES - Operating expenses decreased due to cost-cutting initiatives, aiding Adjusted EBITDA

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $651 mln $658.20

Revenue mln (4

Analysts

)

Q3 Net $37 mln

Income

Q3 Beat $131 mln $128.40

Adjusted mln (4

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the broadcasting peer group is "buy."

* Wall Street's median 12-month price target for Tegna Inc ( TGNA ) is $21.00, about 5% above its November 7 closing price of $19.95

* The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)