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TEGNA Inc. (NYSE: TGNA) is a prominent media company known for its extensive portfolio of broadcast stations and digital businesses across the United States. TEGNA Media includes 46 television stations, making it the largest independent station group of major network affiliates in the top 25 markets. This impressive reach spans approximately one-third of all U.S. television households, featuring leading affiliations such as #1 NBC affiliate group, #1 CBS affiliate group, and #4 ABC affiliate group.
Core Business: TEGNA's core operations revolve around broadcasting and digital media. The company owns and operates multicast networks like True Crime Network, Twist, and Quest. These networks, along with TEGNA's robust digital presence across online, mobile, connected TV, and social platforms, ensure comprehensive coverage and accessibility for consumers on all devices.
Revenue Streams: The company's revenue is generated through various channels, including advertising and marketing services, subscriptions, political advertising, and other related services. Notably, TEGNA combines key digital assets like Cars.com and CareerBuilder, offering unique advertising opportunities in automotive and human capital solutions.
Recent Achievements: Recently, TEGNA formed multi-year agreements with the Seattle Kraken and Prime Video to broadcast and stream NHL games, significantly enhancing its sports broadcasting portfolio. This collaboration is set to bring more than 70 Kraken games to fans across the Pacific Northwest, marking a significant expansion in TEGNA's sports coverage.
Financial Condition: TEGNA has demonstrated strong financial health, supported by its diversified revenue streams and strategic partnerships. The company's innovative advertising solutions, including Premion for OTT platforms, further bolster its market position.
With a commitment to delivering empowering stories, impactful investigations, and innovative marketing solutions, TEGNA continues to play a crucial role in the media landscape, reaching over 90 million Americans and empowering them with the information they need to navigate their world successfully.
TEGNA Inc. (NYSE: TGNA) has appointed Elliott Longoria Moore as president and general manager of KYTX, its CBS affiliate in Tyler, Texas, effective June 7. Moore, who joined TEGNA in 2018, previously increased sponsorship revenue at WFAA by over 30%. He has experience in digital sales and has served as local sales manager at KSDK, TEGNA's NBC affiliate in St. Louis. Lynn Beall, TEGNA's EVP, praised Moore's leadership style, indicating it will benefit CBS 19 and the East Texas community.
TEGNA Inc. (NYSE: TGNA) announced that three of its local television stations have been nominated for 2020 Peabody Awards, out of four nominations in total. ABC10 in Sacramento received a nomination for its investigative report on PG&E's role in California wildfires. KARE 11 in Minneapolis was recognized for its investigation into preventable deaths in jails, while KING 5 in Seattle was nominated for a series on racial injustice following George Floyd's murder. The Peabody Awards celebrate excellence in broadcasting and storytelling.
KARE 11's investigative report titled 'Cruel and Unusual' has been nominated for the prestigious Peabody Award, selected from nearly 1,300 entries across the nation. The series highlighted troubling patterns of inmate deaths in Minnesota jails, bringing attention to issues like preventable deaths and investigation failures. This nomination marks the sixth consecutive year of national recognition for KARE 11's Investigative unit, known for driving social justice reforms. Winners will be announced in June.
TEGNA Inc. (NYSE: TGNA) has announced new initiatives at the IAB NewFronts, showcasing its multiplatform advertising solutions. The company operates 64 local media properties, delivering over 700,000 digital content pieces and 24 billion impressions in 2020. TEGNA Attribution is expanding to provide performance data for automotive and tourism industries while partnering with IHS Markit and Arrivalist for advanced measurement solutions. Additionally, TEGNA debuted its national VERIFY brand, with traffic increasing over 400% in 2020. Locked On sports podcasts are also expanding to streaming platforms.
Standard General L.P., TEGNA's largest equity holder, released an independent report by Quest Research & Investigations detailing allegations of discrimination within TEGNA. Following reports of racial insensitivity involving TEGNA's CEO, Standard General urged the Board to conduct an independent investigation, which was not performed. The report highlights systemic discriminatory practices at various levels within the company, contradicting TEGNA's claims of effective DE&I initiatives. Standard General hopes this report aids shareholders in making informed decisions regarding TEGNA's future leadership.
TEGNA Inc. (NYSE: TGNA) addressed Standard General's recent criticism, asserting that the company is delivering record performance and achieving all-time high share prices. The statement highlights commendations from analysts, noting TEGNA as a well-run company with a recovering ad market and strong retransmission growth. The company encourages shareholders to vote for their highly qualified board using the GOLD proxy card during the upcoming Annual Meeting on May 7, 2021. Shareholders are advised to disregard any white proxy cards from Standard General.
On April 21, 2021, Standard General L.P., the largest shareholder of TEGNA Inc. (TGNA), released an open letter criticizing TEGNA's recent rebuttal to its claims of governance failures. Standard General argues that TEGNA uses inappropriate peer comparisons, highlighting its operational underperformance and declining margins. They assert that TEGNA's Board lacks relevant experience in local television broadcasting and has engaged in poor governance, as evidenced by CEO compensation increases amid a share price decline. Standard General calls for the removal of long-serving directors, urging shareholders to vote for their nominees.
TEGNA Inc. (NYSE: TGNA) reported strong preliminary financial results for Q1 2021, with expected revenues of $727 million, a 6% increase year-over-year. GAAP net income is projected at $113 million, and Non-GAAP net income at $115 million, reflecting a 23% rise. Adjusted EBITDA is anticipated to reach $231 million, marking a 9% YoY increase. The company also expects free cash flow of $159 million, a 12% rise, and announced a 36% increase in its dividend to 9.5 cents per share. TEGNA's CEO highlighted the growth in subscription revenues and effective cost management as key drivers of their performance.
TEGNA Inc. (NYSE: TGNA) will hold its first quarter 2021 earnings conference call on May 10, 2021, at 9:00 a.m. ET. The earnings announcement will be released before market opening on the same day. The public can join the call by dialing 888-254-3590 or accessing the live webcast via investors.TEGNA.com. Following the call, a replay will be available until May 24, 2021. TEGNA operates 64 television stations across 51 U.S. markets, reaching 39% of television households, and offers innovative marketing solutions through TEGNA Marketing Solutions.
TEGNA Inc. (NYSE: TGNA) has launched Twist, a women-oriented multicast channel dedicated to lifestyle and reality programming. Available in 43 of the top 50 Nielsen DMAs and across 41 TEGNA markets, the channel also reaches Univision local television markets and HC2 Broadcasting markets. Twist offers a variety of shows, including popular titles such as Dance Moms and Top Chef: Masters, aiming to fill a gap in the multicast space for lifestyle content. An extensive promotional campaign is underway to inform viewers of the new offerings.
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