TEGNA (TGNA) Reports Re-activation of $825M Buyback Plan
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
TEGNA Inc. (NYSE: TGNA) today announced that its Board of Directors has approved a re-activation of share repurchases under the company’s share buyback program. Share repurchases under the $825 million program, approved by the Board in 2015, had been temporarily suspended in connection with the announcement of the planned spin-off of Cars.com on September 7, 2016. Approximately $478 million remains available under the buyback program, which expires in June 2018. The timing and amount of any share repurchases will depend on, among other things, market conditions, the status of the review by the Securities and Exchange Commission of the Cars.com registration statement filed in connection with the proposed spin-off and applicable legal requirements.
Gracia Martore, president and chief executive officer of TEGNA said, “The re-activation of share repurchase activities reflects TEGNA’s ongoing strong operational and financial performance and the Board’s confidence in our ability to maintain current cash flow levels and allocate capital strategically.”
Martore continued, “At current market prices, we believe TEGNA’s stock is undervalued and represents a strong investment opportunity. As we make progress on our plans to spin-off Cars.com, we will continue to take a thoughtful and disciplined approach and will evaluate any stock repurchases through the lens of maximizing value for our shareholders.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Caterpillar (CAT) Offers FY17 Guidance Update at Credit Suisse Conference
- SoTHERLY Hotels (SOHO) Approves $10M Stock Buyback Plan
- Delta Air Lines (DAL) Names New Chief Communications Officer
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Stock Buybacks
Related EntitiesStock Buyback
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!