The latest financial results come as the local TV giant awaits completion of a sale to two private equity firms in a deal that values the station owner at $5.4 billion in equity value.
At the same time, Wells Fargo analyst Steven Cahall said the pending takeover by private equity firms Standard General and Apollo Global Management leaves revenue estimates “a bit more stale given the company isn’t doing quarterly calls or updating investors.”
Net income at Tegna rose 23.5 percent to $131.9 million, or 59 cents per share. The company reiterated that a deal to be acquired by private equity firms Standard General and Apollo Global Management for $24 per share will be completed in the second half of 2022, pending approvals.
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