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$TGNA appointed Brad Ramsey as president and general manager of WFAA in Dallas, TX. Ramsey will replace Michael Devlin who previously announced his retirement. Devlin will remain at WFAA through early February to ensure a smooth transition.
Media company $TGNA has signed an agreement to acquire the broadcasting stations of Midwest Television, Inc. in San Diego for $325MM in cash. The assets comprise KFMB-TV, KFMB-D2 and radio broadcast stations KFMB-AM and KFMB-FM. The transaction is expected to be accretive to TEGNA's EPS by a few cents in the first 12 months after close.
$TGNA's BoD authorized a new share repurchase program, its first as a standalone media company, for up to $300MM of its common stock over the next three years. Excluding the impact of Olympics and political advertising spend, the company expects 2017 revenues to be strong on an odd-year comparable basis for both Q3 and full year.
$TGNA, a media company, has announced that Adam Ostrow will be joining the company as Chief Digital Officer. Ostrow, who was Chief Strategy Officer at Mashable, will be responsible for creating, evangelizing and implementing the firm’s digital vision and strategy.
$TGNA sold CareerBuilder to a group led by investment funds managed by affiliates of $APO. Gross proceeds were approx. $250MM. $TGNA estimates that net of taxes and other adjustments, cash proceeds will be about $220MM. $TGNA will remain a partner in CareerBuilder, reducing its interest to about 12% on a fully-diluted basis.
$TGNA has declared a dividend of 7 cents per share, payable on Oct 2, 2017 to stockholders of record as on Sept 8, 2017. The company expects to pay a regular cash dividend of $0.28 per share annually as announced leading up to the spin-off of Cars.com, which was completed on May 31, 2017.
Corporate communications firm $OMC has named Gracia Martore an independent director, effective immediately. The appointment of Martore, who retired as President and CEO of $TGNA recently, expands the BoD to 13 directors. Currently, she serves on the BoD of The Associated Press, FM Global, United Rentals and WestRock Company.
$TGNA said it will remain ongoing partner in CareerBuilder, lowering its current 53% controlling interest to 12.5% on a fully-diluted basis once proposed transaction is complete. As a result, CareerBuilder will no longer be consolidated within $TGNA's results and will instead be reflected as an equity investment within $TGNA's financial statements.
$TGNA agreed, together with other owners of CareerBuilder, to sell CareerBuilder to investor group led by investments funds managed by affiliates of $APO and Ontario Teachers' Pension Plan Board. $TGNA's estimated cash proceeds are expected to be about $250MM, which will be used to retire existing debt and for other general corporate purposes.
$TGNA has completed spin-off of Cars.com, creating two publicly traded companies named TEGNA and Cars.com. Effective June 1, 2017, Cars.com will begin regular trading on the NYSE under the symbol $CARS, while TEGNA will continue trading under the symbol $TGNA. Post-deal, TEGNA Media President Dave Lougee was named CEO of TEGNA Inc.
$TGNA declared a dividend of 7 cents per share, payable on July 3, 2017 to stockholders as of June 9, 2017. Additionally, $TGNA plans to complete its previously announced spin-off of Cars.com on May 31, 2017. Cars.com shares are expected to begin trading on June 1, 2017 on the NYSE under the symbol CARS.
$TGNA expects 2017 total company revenues, on a pro forma basis, to remain in line with 2016 revenues of $2.7Bil, including CareerBuilder and excluding Cars.com. The company also expects to maintain its existing credit facility and expects to target long-term leverage levels in line with its peers.
$TGNA expects revenue growth of low to mid-single digits in 2017 and low to mid-teens in 2018, while EBITDA margins are expected between 35-37% in 2017 and between 39-42% in 2018. This guidance is for the next two years, on a pro forma basis, excluding Cars.com and CareerBuilder.