Tegna announces $300 million buyback, dividend hike after scrapped merger deal with Standard General

Shares of Tegna Inc.
TGNA,
-2.78%
rose after hours on Monday after the TV-station operator announced a $300 million “accelerated” stock buyback and raised its quarterly dividend by 20% following the termination of a merger deal with the hedge fund Standard General struck last year. Tegna executives also said they were “actively reviewing the return of additional excess capital that accumulated during the pending merger,” which faced a Monday financing deadline and got hung up in the regulatory review process. Shares rose 2.4% after hours.