TEGNA Second Quarter Revenues Rise, Income Down

Q2

TEGNA INC. second quarter 2020 revenue rose 8% year-to-year to $578 million, driven primarily by acquisitions as well as growth in subscription and political revenue, partially offset by COVID-19-related advertising declines. Excluding political advertising, second quarter revenue rose 5%. Net income fell from $80 million to $20 million (37 to 9 cents/basic and diluted share).

TEGNA's financial disclosures do not break out performance for its only radio properties, Sports WBNS-F (97.1 THE FAN) and Sports WBNS-A (ESPN 1460)/COLUMBUS, OH, nor its podcast division TEGNA STUDIOS, which produces podcasts based on reporting from its TV news departments.

Pres./CEO DAVE LOUGEE said, “Our second quarter performance reflects our ability to execute on TEGNA’s five-pillar strategy in any economic environment. The actions we have taken leading up to and during the COVID-19 pandemic have positioned TEGNA for continued shareholder value creation, while we also remain focused on all our stakeholders, who rely on us now more than ever. We have continued to serve the greater good by providing critical information to viewers during these challenging times, through our 'Facts Not Fear' editorial philosophy."

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