Keep holding them for possible takeovers

Article Excerpt

In June 2015, the old Gannett spun off its newspaper operation as a separate company operating under the Gannett name. The remaining broadcasting and Internet unit was then renamed Tegna. Under the deal, for every two shares investors held, they received one share of the spinoff company and two shares in Tegna. While both companies have struggled in the current media environment, their strong brands could turn them into takeover targets, particularly as the incoming Trump administration will probably allow more corporate mergers to go ahead. TEGNA INC. $18 is a hold. The company (New York symbol TGNA, Conservative Growth Portfolio, Consumer sector: Shares outstanding: 161.1 million; Market cap: $2.9 billion; Price-to-sales ratio: 1.1; Dividend yield: 2.8%; TSINetwork Rating: Average; www.tegna.com) owns 64 TV stations and two radio stations in 51 U.S. markets. In February 2022, Tegna accepted a $24.00-a-share takeover offer from private equity firm Standard General. However, due to regulatory opposition, Standard General cancelled the deal in May 2023. It received a $136.0 million…