NEW YORK (TheStreet) -- Shares of Tegna (TGNA) were falling 6.88% to $18.53 on heavy trading volume early Wednesday afternoon after the company posted 2016 third quarter revenue below analysts' estimates.

Before today's opening bell, the McLean, VA-based media company said that revenue rose 14% year-over-year to $860.3 million but fell short of Wall Street's projections of $869.8 million.

Adjusted earnings of 65 cents per share beat analysts' expectations of 58 cents per share.

CEO Gracia Martore said the company's results in the third quarter were helped by record advertising from the Summer Olympics in Rio earlier this year as well as higher political and retransmission revenues.

"However, political advertising did not achieve expectations due primarily to substantially lower than anticipated spending in the presidential election," Martore added.

In September, the company said that it would spin off its Cars.com unit into a separate publicly-traded company. Tegna is on track to complete the spin-off in the first half on 2017.

Additionally, Tegna is "making progress" on evaluating strategic options for its CareerBuilder business.

More than 3.10 million Tegna shares have traded so far today vs. the 30-day average of 1.88 million.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C.

The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: TGNA


More from Markets

Dow and Nasdaq Finish Lower as 10-Year Treasury Yield Hovers Near 3%

Dow and Nasdaq Finish Lower as 10-Year Treasury Yield Hovers Near 3%

Video: Stop Using Student Loan Money to Buy Bitcoin

Video: Stop Using Student Loan Money to Buy Bitcoin

Let the Najarian Brothers Crash-Proof Portfolio

Let the Najarian Brothers Crash-Proof Portfolio

Facebook Sends Facial Recognition Notification in Error

Facebook Sends Facial Recognition Notification in Error

3 Hot Reads From TheStreet's Top Premium Columnists

3 Hot Reads From TheStreet's Top Premium Columnists