TEGNA Announces Increase in Share Repurchase Authorization and Bond Redemption
McLEAN, VA – TEGNA Inc. (NYSE: TGNA) today announced its Board of Directors has approved a $75 million increase in the company’s share repurchase program to $825 million which will be used over the original three-year term, ending June 2018.
The increase reflects a portion of the proceeds from the $270 million sale of TEGNA’s corporate headquarters building earlier this month. We intend to use the balance in the fourth quarter to redeem up to $180 million of our 7.125% Senior Notes due 2018.
“The sale of the building has provided us with the opportunity to increase the return of cash to our shareholders as well as strengthen our balance sheet. Beyond the sale proceeds, our substantial free cash flow generation allows us the flexibility to pay our dividend, repurchase shares based on business conditions and new opportunities as well as reduce our debt and invest in our businesses,” said Gracia Martore, president and chief executive officer, TEGNA.
TEGNA Inc. (NYSE: TGNA), formerly Gannett Co., Inc., 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 (including those serviced by TEGNA) 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, Cofactor, Clipper and Sightline Media Group. For more information, visit www.TEGNA.com.
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