TEGNA (TGNA) Restarts $825M Stock Buyback Program
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TEGNA (NYSE: TGNA) 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.”
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