TEGNA Comments on Receipt of Acquisition Proposals

Rhea-AI Summary

TEGNA Inc. (NYSE: TGNA) has confirmed receipt of acquisition proposals, and its Board will review these proposals in alignment with its fiduciary duties to shareholders. The company operates 64 television stations across 51 markets, reaching about 39% of U.S. television households. TEGNA is known for its impactful storytelling, innovative marketing solutions, and owns multicast networks like True Crime Network and Quest. Risks associated with these potential acquisitions include market volatility and uncertainties in execution.

Positive

• Acquisition proposals may lead to strategic growth and expansion opportunities.
• Broad market presence, operating 64 stations in 51 markets enhances appeal to potential buyers.
• Potential for increased shareholder value through careful evaluation of proposals.

Negative

• Market uncertainties and competition could hinder successful acquisition integration.
• Potential regulatory challenges associated with acquisitions may affect operations.

TYSONS, Va.--(BUSINESS WIRE)-- TEGNA Inc. (NYSE: TGNA) today issued the following statement:

“TEGNA today confirmed the company has recently received acquisition proposals. Consistent with its fiduciary duty to TEGNA shareholders, the Board will carefully review and evaluate these proposals.”

About TEGNA

TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. TEGNA also owns leading multicast networks True Crime Network, Twist, and Quest. TEGNA offers innovative solutions to help businesses reach consumers across television, digital and over-the-top (OTT) platforms, including Premion, TEGNA’s OTT advertising service. For more information, visit www.TEGNA.com.

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. 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: https://www.businesswire.com/news/home/20210921005850/en/

For media inquiries, contact:

Anne Bentley

Vice President, Corporate Communications

703-873-6366

abentley@TEGNA.com



George Sard/Andy Duberstein

Sard Verbinnen & Co.

TEGNA-SVC@SARDVERB.com



For investor inquiries, contact:

Douglas Kuckelman

Head of Investor Relations

703-873-6764

dkuckelman@TEGNA.com

Source: TEGNA Inc.

FAQ

What acquisition proposals has TEGNA received?

TEGNA has received multiple acquisition proposals, which are currently under review by its Board.

What are the potential impacts of the acquisition proposals on TGNA stock?

The acquisition proposals could potentially enhance shareholder value or introduce integration risks, affecting TGNA stock performance.

How many television stations does TEGNA operate?

TEGNA operates 64 television stations across 51 U.S. markets.

What is TEGNA's market reach?

TEGNA's television stations reach approximately 39% of all television households in the U.S.