TEGNA's (TGNA) Q3 Earnings, Revenues Beat Estimates, Up Y/Y
Notably, in the reported quarter, Premion contributed to less than $10 million to political advertising.Year to date, political revenues totaled $238 million, touching an all-time high, including presidential election years. Notably, DBL is a “30-minute live entertainment and trending news program,” which airs on TV and digital platforms across the country.This October, TEGNA announced that by the end of 2020, the company will roll out the next generation over-the-air television transmission standard (ATSC 3.0) nationwide, along with other leading broadcasters.Additionally, TEGNA announced agreements to acquire two leading local stations, WTOL, a CBS CBS affiliate in Ohio and KWES, a Comcast CMCSA owned NBC affiliate in Texas. Additionally, Premion users have access to content from 125 branded partners nationwide, per management.Notably, Premion won two Audience Based Buying Innovation (ABBI) 2018 Awards, which “celebrate the very best in audience-based buying.” Premion won the third place in OTT Platform of The Year category after Hulu and Roku ROKU and second place in Audience Based Buying Platform of The Year category.Management noted that it has integrated Hatch, its in-house creative agency, G/O Digital, a digital marketing services provider and Premion into a single brand called TEGNA Marketing Solutions.GuidanceFor fourth-quarter 2018, TEGNA expects revenues to increase in the range of 30%-32% on a year-over-year basis, primarily driven by subscription and political revenue growth. Subscription revenues are expected to be at the high end of the previously announced guidance of mid-teens.Management guided Premion revenues, excluding political revenues, to be $75 million compared with the earlier guided figure of $60 million.TEGNA currently carries a Zacks Rank #3 (Hold).