|Bid||12.05 x 800|
|Ask||12.06 x 800|
|Day's range||11.95 - 12.37|
|52-week range||9.61 - 18.31|
|Beta (5Y monthly)||1.37|
|PE ratio (TTM)||8.79|
|Forward dividend & yield||0.28 (2.40%)|
|1y target est||N/A|
At this time, I'd like to turn the conference over to Doug Kuckelman, head of investor relations. Today, our president and CEO, Dave Lougee; and our CFO, Victoria Harker, will review TEGNA's financial performance and results.
TEGNA's (TGNA) first-quarter 2020 results reflect higher subscription revenues and a solid uptrend in political revenues amid coronavirus chaos.
TEGNA's (TGNA) Q1 earnings are likely to have gained traction from a stable subscriber base, higher retransmission rates and accretive acquisitions amid coronavirus chaos.
Tegna Inc <TGNA.N> said on Wednesday that proxy advisory firm Glass Lewis had recommended that the U.S. regional TV station operator's shareholders vote for all 12 of its director nominees in the proxy contest against hedge fund Standard General LP. Standard General, Tegna's largest shareholder with a stake of nearly 12%, is seeking to replace four of Tegna's directors with its own nominees, including founder Soohyung Kim, in a Tegna shareholder vote to be held on April 30. Standard General has criticized Tegna's board members for having little broadcasting industry operating experience and for having failed to respond quickly to a potential takeover proposal.
Proxy adviser Institutional Shareholder Services Inc (ISS) said on Friday that Tegna Inc <TGNA.N> shareholders should elect one of hedge fund Standard General LP's four director nominees to the U.S. regional TV station operator's 12-member board. ISS backed Standard General nominee Colleen Brown, saying that her "direct experience with local stations would appear to be additive to the board." ISS recommended that shareholders not vote for three other dissident nominees, including Soohyung Kim, the hedge fund's founder, who has been Tegna to sell itself.
A successful bid by Atlanta-based Gray would significantly expand its footprint in several TV markets. It underscores the pressure Gray and other companies in the TV station industry are under to gain scale and pricing power with advertisers and the major networks. Gray, which has a market capitalization of $1.5 billion, has offered about $20 per share in cash and stock for Tegna, two of the sources said.
Importantly, earnings yield can be more useful than the traditional P/E ratio as the former facilitates comparisons of stocks with fixed- income securities.
World Wrestling Entertainment's (WWE) fourth-quarter revenues increase year over year. Notably, higher revenues at the Media segment contribute to the company's top line.