Wednesday, March 20, 2019

Tegna, Inc. (TGNA)

Acquisition indicates that the company is in the game.

TEGNA Inc., a media company, operates a portfolio of broadcast stations and digital sites; and provides marketing service solutions for businesses. The company operates 46 television stations in 38 markets that produce local programming, such as news, sports, and entertainment. Its marketing services business provides solutions for clients on multiple channels, including broadcast, online, and OTT. 

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating. 

• Adds a complementary mix. Today, the company announced that it plans to acquire 11
  stations for a combined purchase price of $740 million, which adds a
  complementary mix of stations to some of its top markets, including four
  stations in presidential spending battleground states. We view the move
  favorably. The transaction is expected to close in late 3Q/early 4Q
  2019.   
• Attractive multiple. The company indicated that it will pay an
  attractive 6.7 times (net of tax savings and synergies) on blended 2018/2019 average EBITDA. The transacti…
  

  
  
  
  
  

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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.