TEGNA, the media company that operates TV stations and Cars.com, said Tuesday its fourth quarter operating income rose 44% despite lower political advertising sales because it cut expenses and Cars.com reported higher revenue.
Net income from continuing operations fell to $155.9 million from $483.4 million in the year ago period. The decline was largely due to the fact that the year-ago quarter included $444.2 million of non-operating income stemming from the write up of its investment in Classified Ventures, a former parent of Cars.com.
TEGNA said its "non-GAAP" net earnings --... read more