Tegna reported lower first-quarter earnings as it weighs its options regarding its soon-to-expire agreement to be acquired by Standard General.
In announcing its earnings Tegna reviewed the latest developments in the effort to get the transaction through what has been a lengthy regulatory review, including a the court of appeals denying a petition for a writ of mandamus compelling the FCC to vote on the deal.
Also Read: FCC Judge Suspends Standard General-Tegna Review
Tegna is currently evaluating its options,” the company said.
Standard General has said its financing for the deal will expire on May 22.
Tegna reported that its first-quarter net income fell 22.3% to $104.3 million, or 46 cents a share, compared to $134.2 million, or 60 cents a share, a year ago.
Revenue declined 4.4% to $740.3 million
Subscription revenue rose 5.8% to $414
Advertising and marketing services revenue fell 13.2% to 307.8 million.
