Tegna enters into $325M accelerated share repurchase pact

Tegna announced that it has entered into an accelerated share repurchase agreement or ASR with JPMorgan Chase Bank, National Association…Under the terms of the ASR, TEGNA will repurchase $325 M in TEGNA common shares from JPMorgan, with an initial delivery of approximately 17.3M shares on November 13. The final number of shares to be repurchased will be based on the average daily volume-weighted average price of TEGNA shares during the term of the ASR, less a discount and subject to customary adjustments pursuant to the terms of the ASR. The final settlement of the ASR is expected to be completed by the end of the first quarter of 2024, subject to acceleration at JPMorgan’s discretion. TEGNA completed its initial $300 M ASR program on August 31 earlier than anticipated. Following the completion of the initial ASR and before entering TEGNA’s third quarter blackout period on September 16, the Company opportunistically repurchased an incremental $28 Mof shares taking advantage of attractive market pricing. The repurchases were made under TEGNA’s existing share repurchase program approved by the Board of Directors in December of 2020. The initial $300M ASR program reduced the Company’s outstanding shares by approximately 18 million, including final settlement of approximately 3M shares.