TEGNA (TGNA) Approves $300M Stock Repurchase Program and Reaffirms Capital Allocatio
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TEGNA’s Board of Directors Approves Stock Repurchase Program and Reaffirms Capital Allocation Strategy
September 19, 2017 4:49 PM EDTMCLEAN, Va.--(BUSINESS WIRE)-- TEGNA Inc. (NYSE: TGNA) announced today that its Board of Directors has authorized a new share repurchase program, its first as a standalone media company, for up to $300 million of its common stock over the next three years.
We are initiating our buyback program because at current market prices, we believe TEGNAs stock represents a strong buying opportunity. It is significantly undervalued relative to both its recent and expected future performance, said Dave Lougee, president and CEO, TEGNA. As we outlined on our last earnings call, approximately half of... More
