Tegna (NYSE:TGNA) stock is falling on Monday following news that a buyout deal for the company is being put on hold.
Specifically, the Federal Communications Commission (FCC) just put the merger agreement between Tegna and Standard General L.P. on hold. The government agency has concerns about the combination of the two companies, including the possible increase in prices that it would cause for consumers. This has the FCC requesting a hearing to go over the matter.
The combination between the two companies was going to see Standard General L.P. acquire Tegna for $24 per share. Without the deal moving forward right now, Tegna will continue to pay dividends. However, the company has put its share repurchase program on hold.
The Q4 Earnings Report
The news of the FCC requesting a hearing came alongside Tegna’s earnings report for the fourth quarter of 2022. Per the report, Tegna saw adjusted earnings per share of 98 cents and revenue of $917 million during Q4. To put that in perspective, Wall Street had expected $1.13 per share and revenue of $963 million for the period.
Investors will also note that TGNA stock is seeing heavy trading volume today. That has some 1.8 million shares on the move as of this writing. For comparison, the company’s daily average trading volume is closer to 1.6 million shares.
TGNA stock is down 22.8% as of Monday morning.
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More Monday Stock Market News
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
