Core Viewpoint - Optimum strongly rejects TEGNA's excessive fee increases, which are seen as unjustified and disconnected from market realities [1] Summary by Relevant Categories Company Actions - Optimum is actively opposing TEGNA's proposed fee hikes, which include a 30% increase for major network affiliates and a 50% increase for the CW [1] Industry Context - TEGNA's demands are characterized as egregious and not aligned with current market conditions, indicating a potential strain in negotiations between broadcast providers and local affiliates [1]

Core Viewpoint - TEGNA Inc. has reported a significant decline in earnings and revenues for Q3 2025, raising concerns about its future performance as it approaches its next earnings release [2][8]. Financial Performance - TEGNA's Q3 2025 non-GAAP earnings were 33 cents per share, missing the Zacks Consensus Estimate by 5.71% and down 64.9% year-over-year [2]. - Revenues fell 19.3% year-over-year to $650.8 million, also missing the Zacks Consensus Estimate by 1.35% [2]. - Advertising and marketing services (AMS) revenues decreased 11.7% year-over-year to $273.4 million, impacted by weak macro conditions and the absence of the summer Olympic games [3]. - Political revenues plummeted 92.2% year-over-year to $9.9 million, while other revenues decreased by 2% to $9.1 million [4]. - Non-GAAP adjusted EBITDA dropped 52% year-over-year to $131 million, primarily due to lower political advertising and AMS revenues [4]. - Non-GAAP operating income decreased 55.6% year-over-year to $106.8 million [5]. Balance Sheet & Cash Flow - As of September 30, 2025, total cash and cash equivalents were $233 million, down from $757 million as of June 30, 2025 [6]. - Net leverage at the end of Q3 was 2.9 times, and TEGNA redeemed $550 million of its 4.75% senior notes due March 15, 2026 [7]. - The company returned $20 million to shareholders through dividends during Q3, with adjusted free cash flow at $64 million compared to $96 million in the previous quarter [7]. Strategic Outlook - TEGNA will not provide forward-looking financial guidance due to a pending merger with Nexstar, expected to close in the second half of 2026 [8]. - The company has a Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [12]. Industry Comparison - TEGNA is part of the Zacks Broadcast Radio and Television industry, where Sirius XM reported revenues of $2.16 billion for the quarter ended September 2025, reflecting a year-over-year change of -0.6% [13]. - Sirius XM's EPS for the same period was $0.84, compared to -$0.84 a year ago, and it holds a Zacks Rank of 3 (Hold) [14].

Core Points - Shares in Tegna fell nearly 5% following criticism from President Donald Trump regarding a proposal to lift the current cap on local television station ownership, which is essential for the company's expansion plans [1] Company Summary - Tegna's stock experienced a decline of nearly 5% on Monday due to external political commentary affecting investor sentiment [1] - The proposal to lift the ownership cap is crucial for Tegna's ability to acquire additional local television stations, which could enhance its market position [1]

Group 1 - TEGNA Inc. declared a regular quarterly dividend of 12.5 cents per share, payable on January 2, 2026, to shareholders of record as of December 5, 2025 [1] - TEGNA operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms [2] Group 2 - The company emphasizes its commitment to providing trusted local news and services that are essential for community thriving [2]

Core Viewpoint - Nexstar Media Group is seeking approval from the Federal Communications Commission (FCC) for the acquisition of TEGNA Inc., emphasizing the importance of this acquisition for local television and journalism [1][2]. Group 1: Acquisition Details - Nexstar has filed applications with the FCC to transfer TEGNA's broadcast licenses, arguing that waiving certain ownership rules would serve the public interest [1]. - The company believes that current television ownership regulations are outdated and do not reflect the competitive media landscape [2]. Group 2: Commitment to Local Journalism - Nexstar asserts its commitment to local communities by producing over 300,000 hours of news and local programming annually [4]. - The company positions itself as a reliable source of information, contrasting its journalism with disinformation prevalent in the media landscape [5]. Group 3: Competitive Landscape - Nexstar's acquisition of TEGNA is seen as a strategic move to enhance its scale and competitiveness against legacy media and Big Tech [6]. - The company aims to continue investing in high-quality journalism and local news to better serve communities [6]. Group 4: Company Overview - Nexstar Media Group is a leading diversified media company, producing and distributing local and national news, sports, and entertainment content across various platforms [6]. - The company operates over 200 owned or partner stations, reaching approximately 220 million people in 116 U.S. markets [6].

Core Points - TEGNA Inc. has received shareholder approval for its merger with Nexstar Media Group, with approximately 98% of the votes in favor, representing about 83% of total outstanding shares as of October 10, 2025 [2][3] Group 1: Merger Details - The merger agreement was adopted at a special meeting of shareholders held on November 18, 2025 [1] - The transaction is expected to close in the second half of 2026, pending regulatory approvals and customary closing conditions [3] Group 2: Company Overview - TEGNA operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms [4]

Core Viewpoint - Nexstar Media Group, Inc. (NXST) has experienced a moderate performance over the past year, with a stock gain of approximately 12%, but has seen a steady decline since announcing the acquisition of TEGNA Inc. (TGNA) earlier this year [1] Group 1 - The stock of Nexstar Media Group has been on a downward trend following the announcement of the TEGNA acquisition [1] - The company has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories [1]

Core Viewpoint - Nexstar Media Group, Inc. (NXST) has experienced a moderate performance over the past year, with a stock gain of approximately 12%, but has seen a steady decline following the announcement of a deal to acquire TEGNA Inc. (TGNA) [1] Company Performance - The stock of Nexstar Media Group, Inc. has gained about 12% over the past year [1] - Following the announcement of the acquisition of TEGNA Inc., the stock has been on a steady decline [1] Acquisition Impact - The announcement of the deal to buy TEGNA Inc. has negatively impacted the stock performance of Nexstar Media Group [1]

Core Insights - TEGNA Inc. reported a revenue of $650.79 million for the quarter ended September 2025, reflecting a year-over-year decline of 19.3% and an EPS of $0.33 compared to $0.94 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $659.69 million, resulting in a surprise of -1.35%, while the EPS also missed the consensus estimate of $0.35 by -5.71% [1] Revenue Breakdown - Political revenue was reported at $9.88 million, below the two-analyst average estimate of $10.65 million, marking a significant year-over-year decline of 92.2% [4] - Distribution revenue amounted to $358.45 million, slightly below the average estimate of $360.72 million from two analysts [4] - Advertising & Marketing Services revenue was $273.38 million, compared to the estimated $279.23 million, representing a year-over-year decrease of 12.7% [4] - Other revenues were reported at $9.08 million, slightly below the average estimate of $9.15 million, with a year-over-year decline of 19.9% [4] Stock Performance - TEGNA's shares have returned -0.7% over the past month, contrasting with the Zacks S&P 500 composite's increase of +0.3% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - TEGNA Inc. reported quarterly earnings of $0.33 per share, missing the Zacks Consensus Estimate of $0.35 per share, and down from $0.94 per share a year ago, representing an earnings surprise of -5.71% [1] - The company posted revenues of $650.79 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 1.35%, and down from $806.83 million year-over-year [2] - TEGNA shares have increased by approximately 9.1% since the beginning of the year, compared to the S&P 500's gain of 14.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.45 on revenues of $703.79 million, and for the current fiscal year, it is $1.62 on revenues of $2.72 billion [7] - The estimate revisions trend for TEGNA was unfavorable prior to the earnings release, resulting in a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Broadcast Radio and Television industry, to which TEGNA belongs, is currently in the top 38% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]