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 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.

If you liked this article you might like

Pirelli Reportedly Racing to Milan IPO Valued at Nearly $11 Billion

Terrible Corporate Name Changes that Should Make Time Think Twice

Tegna Shaping Up to Be Attractive Acquisition Target Following Court Ruling

TV Station Owners, FCC Hit With Setback as Court Stays Discount Rule

Cramer: What 2 Deals Say About Valuation