TGNA - Why Is Tegna (TGNA) Stock Down 23% Today?
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Tegna (NYSE:TGNA) stock is falling on Monday following news that a buyout deal for the company is being put on hold.
The merger agreement between Tenga and Standard General L.P. was put on hold by the FCC. The government agency has concerns about the combination of the two companies, including a possible increase in price it would cause for consumers. This has it requesting a hearing to go over the matter.
The combination between the two companies was going to see Standard General L.P. acquire Tegna for $24 per share. Without the deal moving forward right now, the company will continue to pay dividends. However, it’s put its share repurchase program on hold.
Q4 Earnings Report
The news of the FCC requesting a hearing came alongside TGNA’s earnings report for the fourth quarter of 2022. In that report are adjusted earnings per share of 98 cents and revenue of $917 million. To put that in perspective, Wall Street was expecting $1.13 per share and revenue of $963.23 million.
Investors will also note that TGNA is seeing heavy trading volume today. That has some 1.8 million shares on the move as of this writing. For comparison, the company’s daily average trading volume is closer to 1.6 million shares.
TGNA stock is down 22.8% as of Monday morning.
Investors seeking out more of the latest stock market news are in luck!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Monday! A few examples include what has ObsEva (NASDAQ:OBSV) and Lucira Health (NASDAQ:LHDX) stock rising, as well as the biggest pre-market stock movers today. We’ve got all that ready to go at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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