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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 reported preliminary Q4 and full-year 2020 financial results, anticipating record revenues of $932-$937 million, up 34-35% year-over-year. Key drivers include $264 million in political advertising and improved subscription revenue. The company expects GAAP net income of $246-$251 million, a 193-199% increase. TEGNA renewed a share repurchase program of up to $300 million over three years, signifying confidence in its financial health. For 2021, guidance shows mid-to-high teens revenue growth with a projected Adjusted EBITDA of over $1 billion, underscoring operational resilience amidst COVID-19 challenges.
Nielsen (NYSE: NLSN) has announced a multi-year renewal agreement with TEGNA Inc. (NYSE: TGNA) to provide local television ratings services across 34 TEGNA markets. This renewal includes ongoing support for Nielsen's comprehensive suite of services such as Nielsen Arianna and Portable People Meter (PPM). The agreement aims to enhance TEGNA's ability to measure media buys and understand audience behavior effectively. This partnership underscores Nielsen's commitment to delivering advanced measurement methodologies and data analytics to the local broadcast industry.
TEGNA Inc. (NYSE: TGNA) and NBC have announced a multi-year agreement that renews station affiliation for 20 TEGNA markets, covering 17% of the U.S. audience and nearly 21 million households. This agreement secures full carriage of NBC's broadcast network, including popular programming like 'TODAY,' 'Sunday Night Football,' and the Olympic Games. TEGNA, as the largest independent NBC affiliate owner, emphasizes its commitment to delivering premium content alongside local news and community service. The renewal includes major markets such as Atlanta, Phoenix, Seattle, and Minneapolis.
KARE 11 has appointed Stacey Nogy as the new News Director, effective December 31, 2020, succeeding Stuart Boslow, who moves to KHOU in Houston. Nogy, with 28 years at KARE 11, will lead the News Division's vision and strategy. She has received numerous awards, including the Walter Cronkite Award for Excellence in Television Political Journalism. KARE 11, owned by TEGNA, is a leader in local news serving the Minneapolis-St. Paul area.
TEGNA Inc. (TGNA) reported a strong third quarter for 2020, with total revenue soaring 34% year-over-year to $738 million, driven by record political advertising at $116 million. Subscription revenue also increased by 32% to $317 million, bolstered by rate hikes and acquisitions. Net income reached $132 million, more than double compared to Q3 2019, with an Adjusted EBITDA of $259 million, up 65%. Despite challenges from COVID-19, the company anticipates continued growth in revenues, particularly in subscription services, and is enhancing its balance sheet through proactive refinancing.
TEGNA's KONG-TV has partnered with GatesAir to launch NextGen TV (ATSC 3.0) in the Seattle-Tacoma market, pending FCC approval. The initiative will begin broadcasts in early December, with KONG-TV acting as the host station. The collaboration aims to enhance local broadcasting through advanced technologies, including 4K UHD delivery and improved emergency alerts. GatesAir will provide the Maxiva ULXTE-30 transmitter to support these broadcasts. KONG-TV will inform viewers about necessary rescan actions for continued reception of the station.
TEGNA Inc. (NYSE: TGNA) announced Jessica Hagan as the new president and general manager of KTVB and KTFT, effective November 16, 2020. Hagan comes from the KING 5 Media Group, where she was director of sales, overseeing a team responsible for developing revenue strategies. With 17 years of media experience, she has built partnerships and solutions that drive growth. Hagan holds a Bachelor's in Broadcast Journalism and an MBA. TEGNA operates 63 television stations, reaching approximately 39% of U.S. households.
TEGNA Inc. (NYSE: TGNA) announced a dividend of seven cents per share, payable on January 4, 2021, to stockholders of record as of December 11, 2020. CEO Dave Lougee reaffirmed the company's commitment to its core strategy despite the challenges of 2020, stating that their financial discipline supports long-term value for shareholders. TEGNA operates 63 television stations across 51 U.S. markets, reaching approximately 39% of TV households, highlighting its strong market presence.
TEGNA Inc. (NYSE: TGNA) announced strong preliminary financial results for Q3 2020, with revenue expected at $738 million, a 34% year-over-year increase, primarily from political advertising and robust subscription revenue. GAAP net income is projected to exceed $132 million, more than double from Q3 2019, while adjusted EBITDA is expected at $259 million, reflecting a 65% increase. Free cash flow stands at $153 million, facilitating reduced net leverage anticipated at 4.2x or lower by year-end. Subscription revenue growth expectations are now revised to the high twenties percentage-wise compared to 2019.
TEGNA Inc. (NYSE: TGNA) will hold a conference call on November 9, 2020, at 9:00 a.m. (ET) to discuss its Q3 2020 earnings results. The earnings announcement will be made before the market opens that day, with materials available on TEGNA’s Investor Relations website. The call is open to investors and the public, with a toll-free number for participation. A replay will be available post-call until November 23, 2020. TEGNA operates 63 television stations in 51 U.S. markets, reaching about 39% of TV households nationwide.
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