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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.
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.
Standard General L.P., TEGNA's largest active shareholder, has issued a letter advocating for changes within the company. Since their involvement in 2019, TEGNA's share price increased by 51%, yet underperformed against local peers. They criticize TEGNA's management for excessive CEO compensation, declining EBITDA margins, and a lack of diversity efforts on the board. Standard General has nominated three new independent candidates to enhance governance. They urge fellow shareholders to vote on the WHITE proxy card to support these changes, emphasizing the need for better capital allocation and accountability.
TEGNA Inc. (NYSE: TGNA) announced a dividend increase of 10 cents per share, raising the annual dividend by approximately 36%. The first increased quarterly dividend of 9.5 cents will be payable on July 1, 2021, to stockholders of record as of June 4, 2021. The Board's decision reflects continued confidence in the company's performance and a robust cash flow, driven by strong revenues in subscription and political segments. TEGNA expects first quarter revenue to be at the high end of guidance, with advertising growth projected in the high-single digits.
TEGNA Inc. (NYSE: TGNA) has promoted Kristie Gonzales to vice president of media operations, expanding her current role as president and general manager of KVUE in Austin to include oversight of KYTX in Tyler, Texas. Gonzales, who joined KVUE in 2016, is credited with launching the innovative series 'Boomtown' and leading award-winning investigations. Under her management, KVUE has increased its monthly active digital users by 24%, averaging over 4 million visitors. In her new role, she will focus on enhancing TEGNA’s content and marketing strategies across Texas.
On March 18, 2021, Standard General, TEGNA Inc.'s largest shareholder, called for a full investigation into a racially insensitive incident involving TEGNA CEO Dave Lougee and Adonis Hoffman. Standard General criticized TEGNA's Board for a brief review that lacked thoroughness, asserting it failed to interview Hoffman or address his serious allegations. They expressed concerns over potential racial bias in TEGNA's management and demanded transparency, urging the Board to stop spreading false narratives regarding Standard General's involvement in the situation.
TEGNA reported strong financial results for Q4 and full-year 2020, with total revenue of $938 million for Q4, a 35% increase year-over-year. Political advertising hit a record $264 million, driving a 89% increase from Q4 2018. Subscription revenue reached $314 million, up 9%, while AMS revenues declined 6%. Net income surged to $244 million, almost tripling from Q4 2019. Notably, full-year revenue was $2.9 billion, a 28% yearly growth, propelled by political ads and subscriptions. TEGNA renewed its $300 million share repurchase program, reflecting financial confidence.
TEGNA Inc. (NYSE: TGNA) is set to launch a new multicast network, Twist, this spring, focusing on lifestyle and reality programming for women. The network aims to provide hundreds of hours of content, including popular shows like Clean House and Queer Eye for the Straight Guy. Twist will be available in 41 TEGNA markets and reach 70% of U.S. households, including major cities like New York and Los Angeles. This initiative follows the successful launches of TEGNA's other multicast networks, enhancing its position in the growing OTA audience market.
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