Tegna's Shares Spike Following New Affiliation Agreement With NBCi

Shares of

were trading higher by more than 4 percent at $23.83 early Thursday afternoon after the company

the renewal of an affiliation agreement. Tegna announced that it has reached an agreement with NBC for the renewal of the affiliations agreements of all 17 Tegna Media NBC stations. As part of the new agreement, Tegna's entire portfolio of NBC stations will now fall under 1 common group. Tegna is also the largest independent NBC affiliate group. "We are pleased to be extending our deep and longstanding partnership with NBC," said Dave Lougee, president, TEGNA Media. "NBC's content, from sports to news to primetime, combined with TEGNA Media's trusted, innovative and impactful local programming is highly valued by our viewers."