Since Gracia Martore took the helm as CEO in December 2011 she has doubled the size of the TV station group, bolstered digital operations into an industry leader and jettisoned the newspapers that were dragging down profits. “She’s second to none in terms of staying on top of businesses and where they are heading,” says Dave Lougee, head of Tegna’s broadcasting division.
Tegna Inc.’s board of directors today declared a dividend of 14 cents per share, payable on Jan. 4, 2016, to stockholders of record as of the close of business on Dec. 4. “Tegna has top-performing assets and scale in both the broadcast and digital industries, consistently strong and dependable cash flows, high-growth, high-margin businesses and a shareholder-focused capital structure,” said Gracia Martore, Tegna president-CEO. “Our strong cash generation will enable us to invest for growth while simultaneously returning capital to shareholders.”
The decrease at the former Gannett station group to $416.5 million comes from lower political revenue that strong retrans and digital increases couldn’t quite offset.
Tegna had cut off Dish subscribers’ access to its local channels Friday evening in more than three dozen markets because of a contract dispute. The dispute affected 46 TV stations operated by Tegna in 38 markets across 33 states. On Sunday, the two sides said they reached a multi-year agreement, but did not provide further details.
The fight between Dish Network and Tegna heated up Friday evening as Tegna rejected Dish’s contract extension offer, and moved to black out Dish customers in 38 markets. The two have been fighting for weeks over the contract, with a temporary truce declared on Oct. 1 in light of hurricane Joaquin, agreeing to an eight-day extension which ended Friday night.
The CEO of the publicly traded media company rose to the top focusing on the job at hand. Right now, that means growing one of broadcasting’s best collections of TV stations and well-branded digital assets like Cars.com and CareerBuilder. This profile is the second in a series featuring individuals who will be honored by the Library of American Broadcasting Foundation as Giants of Broadcasting & Electronic Arts on Oct. 15 in New York. This year’s other honorees: Don Mischer, Herb Granath, Gene Jankowski, Mel Karmazin, Jarl Mohn, Bill Persky, the Carter family and Don West. Full Story | Add comment
Tegna Inc. said it has completed the sale of its corporate headquarters in the Washington suburb of McLean, Va., for $270 million to Tamares, a private investment group with holdings in the United States and Europe. As part of the completed deal, Tegna will continue to occupy a portion of the building for the next 18 months.
Tegna and Dish Network have agreed to an eight-day contract extension through Friday, Oct. 9 at 7 p.m. ET as talks continue on a new carriage agreement. With Hurricane Joaquin forecast to potentially impact several Tegna markets, “this extension ensures that critical programming remains available to all viewers,” the company said.
Negotiations to avoid blackouts of more than 100 TV stations carried by DirecTV and U-verse extended well into the night on Wednesday as both companies faced midnight ET deadlines on contracts with two large station groups. DirecTV and Media General late Wednesday agreed to push the deadline by three hours to midnight PT after a marathon negotiating session for retransmission consent rights to 62 stations. U-verse’s talks with Tribune Media for a new retrans pact covering 24 stations stretched late into the night on Wednesday.