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TV Station Group Tegna Warns of "Uncertain" Ad Impact of Virus Crisis
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TV station group Tegna on Monday said that "the full impact of the COVID-19 pandemic, particularly with regard to the broader advertising industry, remains uncertain" and suspended its full-year 2020 guidance. "We continue to carefully monitor business impacts and to be diligent in implementing cost saving measures to reduce expenses and reducing non-critical capital expenditures," the company, which has 62 stations in 51 markets and reaches 39 percent of all U.S.
households, also said. "We continue to implement prudent capital structure management and focus on managing our costs." About its financial state, Tegna said it ended March with $35 million in cash and had unused capacity under a revolving credit facility of more than $700.
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COVID-19
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