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Belo Corp. -- Moody's changes outlook on TEGNA to negative; affirms Ba2 CFR

Moody's Investors Service ("Moody's") has today changed the outlook on TEGNA Inc.'s ("TEGNA") ratings to negative from stable following the company's announcement that it had entered into a definitive agreement to acquire eleven TV stations that are being divested as part of the Nexstar Broadcasting, Inc. ("Nexstar", B1 stable) acquisition of Tribune Media Company ("Tribune", B1 stable). Concurrently, Moody's has affirmed TEGNA's Ba2 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR) as well as the Ba2 ratings on the company's senior unsecured notes -- including the 2027 unsecured notes issued by Belo Corp. - and the Ba2 rating on the senior unsecured credit facility.