Core Insights - The E.W. Scripps Company (SSP) and TEGNA (TGNA) are adapting to changes in the local media landscape with differing strategies for growth and cost management [1][2] Group 1: SSP Overview - SSP is expanding its local media segment through a station swap with Gray Media, acquiring KKTV, a CBS affiliate, to enhance its presence in the Western U.S. market [3][5] - The company is implementing centralized production and AI tools to improve operational efficiency and manage costs, while keeping employee costs low [4][6] - In Q1 2025, SSP's local media segment generated $325 million in revenues, with a segment profit of $35 million, supported by cost controls and sports programming partnerships [6] Group 2: TGNA Overview - TEGNA is focusing on building a stronger foundation through leadership changes, system upgrades, and a new sales performance structure, while utilizing resource sharing across stations [7] - The company faces challenges with soft consumer confidence and cautious advertising spending, which may impact its near-term advertising performance [8][10] - As of March 31, 2025, TEGNA reported total debt of $3.08 billion and a net leverage ratio of 2.8X, raising concerns about its financial flexibility [9][10] Group 3: Comparative Analysis - Valuation-wise, SSP shares are trading at a Price/Sales ratio of 0.12X, significantly lower than TGNA's 0.94X, indicating a cheaper valuation for SSP [11] - Year-to-date, SSP shares have increased by 41.2%, while TGNA shares have decreased by 8.6%, reflecting differing investor sentiments towards the two companies [13] - SSP is viewed as having better growth potential due to its active strategies and operational efficiency, while TEGNA is seen as struggling with weak demand and stagnant growth [18][19]

Core Points - TEGNA Inc. will host a conference call to discuss its Q2 2025 earnings results on August 7, 2025, at 11 a.m. ET [1] - The earnings announcement will be released before the market opens on the same day [3] - TEGNA operates 64 television stations in 51 U.S. markets, reaching over 100 million people monthly [3] Access Information - Participants can access the conference call by registering at investors.TEGNA.com at least 10 minutes prior to the start time [2] - After registration, phone participants will receive dial-in numbers and a unique PIN [2] - The webcast will be archived and available on the Investor Relations section of TEGNA's website [3] Company Overview - TEGNA Inc. focuses on providing trusted local news and services that are important to communities [3] - The company aims to build a sustainable future for local news [3]

Core Viewpoint - TEGNA Inc. has appointed Carol Fowler, Julie Wolfe, and Chris Peña as vice presidents of content, effective June 30, 2025, as part of its strategy to enhance local news coverage and invest in content across its stations [4]. Group 1: Appointments and Roles - Carol Fowler has been named vice president of content for TEGNA stations in the Mid-South, overseeing content strategy in regions including St. Louis, Knoxville, and New Orleans [3][7]. - Julie Wolfe will serve as vice president of content for TEGNA stations in the West, managing content strategy in markets such as Phoenix, Sacramento, and Seattle [2][9]. - Chris Peña has been appointed vice president of content for TEGNA's Midwest region, overseeing operations in cities like Cleveland, Indianapolis, and Minneapolis [14][11]. Group 2: Strategic Focus - The new leaders will focus on enhancing the quality, depth, and relevance of local news coverage, emphasizing local impact and practical value of information [5][6]. - Each vice president will oversee specific content priorities, including weather coverage, major stories, morning news strategy, and investigative journalism [5][6]. Group 3: Leadership Experience - Carol Fowler brings over 30 years of experience in digital content strategy and has led award-winning newsrooms, including winning 23 regional RTDNA Edward R. Murrow Awards [7][8]. - Julie Wolfe has a strong background in digital innovation and cross-platform storytelling, having led KING to win 11 Regional Edward R. Murrow Awards this year [9][10]. - Chris Peña has extensive experience in multi-platform content strategy, previously serving as senior vice president of news at Univision Local Media [11][12]. Group 4: Company Commitment - TEGNA is committed to investing in content and has announced plans to add over 100 hours of new daily streaming programming across 51 markets [4]. - The company aims to build a sustainable future for local news, reaching over 100 million people monthly through its 64 television stations [13].

Core Insights - The Nourish North Texas Telethon aims to provide meals to children and families facing hunger during the summer months, airing live on June 26, 2025 [1][4] - Texas has the highest number of food-insecure residents in the U.S., with over 5.4 million individuals affected, including more than 442,000 children in the Dallas-Fort Worth area [2][3] - The telethon seeks to raise funds to provide at least one million meals, with H-E-B matching donations up to $100,000 [4] Organization Overview - The North Texas Food Bank (NTFB) has been active for over 40 years, delivering more than 137 million meals annually through a network of 500 food pantries and organizations [7][8] - The Tarrant Area Food Bank (TAFB) provides over 1 million nutritious meals weekly and focuses on food and nutrition education programs [10] - Both organizations are members of Feeding America, emphasizing their commitment to alleviating hunger and improving health in their communities [10]

Core Viewpoint - TEGNA Inc. is expanding its local news programming by launching live and on-demand newscasts from 7 to 9 a.m. daily in over 50 markets to meet the growing demand for local coverage on connected TV platforms [1][2][3] Group 1: Expansion of Local News Programming - The expansion will deliver over 100 hours of daily breaking news, weather, and traffic to more than 100 million viewers [2] - Stations in 35 markets will actively deliver live, local programming from 7 to 9 a.m. this summer, with over 50 markets expected to have this programming in the fall [4] Group 2: Audience Engagement and Advertiser Opportunities - The new programming allows audiences to watch live news produced by their trusted stations during a time when local coverage has been largely unavailable, enhancing viewer experience [3] - The content expansion is expected to create new opportunities for advertisers to reach audiences regardless of their viewing preferences [3] Group 3: Testing and Viewership Growth - TEGNA stations began testing the live digital news stream in the 7 a.m. time slot earlier this year, with some markets experiencing nearly a 50% month-over-month increase in viewership during severe weather or breaking news [3] Group 4: Accessing the New Programming - Viewers can access the local morning livestreams from 7-9 a.m. through the TEGNA station Plus app on various streaming devices or directly from local station websites [5] Group 5: Company Overview - TEGNA Inc. operates 64 television stations in 51 U.S. markets, reaching over 100 million people monthly across various platforms [6]

Core Points - TEGNA Inc. announced that its stations received a total of 59 Regional Edward R. Murrow Awards, with three awards for overall excellence, highlighting the company's commitment to impactful journalism [1][2] - KING in Seattle stood out by winning 11 awards in the large market television category, showcasing its leadership in local news [1][4] - The Edward R. Murrow Awards, sponsored by the Radio Television Digital News Association (RTDNA), recognize outstanding achievements in broadcast and digital journalism [2] Company Overview - TEGNA Inc. operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms including web, mobile apps, streaming, and linear television [3] - The company focuses on providing trusted local news and services that are essential for community empowerment and sustainability in local journalism [3]

Group 1 - TEGNA Inc. shareholders approved all Board of Directors' proposals at the 2025 annual meeting [1] - Board chair Howard D. Elias, CEO Mike Steib, and several independent directors were re-elected [1] - Karen H. Grimes retired from the Board after five years of service [2] Group 2 - Shareholders approved the compensation of named executive officers on an advisory basis [3] - PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for the 2025 fiscal year [3] Group 3 - TEGNA operates 64 television stations in 51 U.S. markets, reaching over 100 million people monthly [4]

Core Viewpoint - TEGNA Inc. (NYSE: TGNA) shares have increased by 14% over the past year, primarily driven by expectations of relaxed station ownership rules following the 2024 election, which may lead to potential mergers and acquisitions [1] Company Performance - TEGNA's stock performance has been solid, with a notable gain of 14% in the last year [1] - The increase in stock value is largely attributed to market optimism regarding changes in ownership regulations that could facilitate M&A activity [1]

Core Insights - Gabelli Funds will host its 17th Annual Media & Entertainment Symposium on June 5, 2025, at the Harvard Club in New York City, focusing on industry dynamics, current trends, and business fundamentals [1] - The symposium will include discussions on Sports Investing, Media & Telecom Regulatory issues, and Advertising Panels, providing a platform for attendees to engage with leading companies in the media ecosystem [1][3] - A webcast option will be available for those unable to attend in person, ensuring broader access to the discussions and insights shared during the event [1] Presenting Companies - Notable companies participating in one-on-one meetings include Atlanta Braves Holdings, AMC Networks, Lionsgate Studios, Churchill Downs, Nexstar Media Group, Genius Sports, Reservoir Media, Gray Television, Rogers Communications, Live Nation Entertainment, Sinclair Inc., Sportradar Group, TEGNA Inc., TKO Group, and The E.W. Scripps Company [2] Panel Discussions - The symposium will feature several panel discussions, including "Sports Investing: Ways to Play," a TV Bureau of Advertising (TVB) Panel, and a Media & Telecom Regulatory Expert Session led by former FCC Commissioner Rob McDowell [3]

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q1 2025 financials show decreased revenue and a sharp drop in net income year-over-year Condensed Consolidated Balance Sheet Summary (In thousands) | Account | Mar. 31, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $1,366,906 | $1,360,412 | | **Total assets** | $7,301,757 | $7,326,519 | | **Total current liabilities** | $973,518 | $466,280 | | **Total liabilities** | $4,242,179 | $4,301,488 | | **Total equity** | $3,038,870 | $3,004,714 | Consolidated Statement of Income Summary (In thousands, except per share) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenues** | $680,049 | $714,252 | | **Operating income** | $109,023 | $137,560 | | **Net income attributable to TEGNA Inc.** | $58,671 | $189,560 | | **Diluted EPS** | $0.36 | $1.06 | Condensed Consolidated Statement of Cash Flows Summary (In thousands) | Activity | Three months ended Mar. 31, 2025 | Three months ended Mar. 31, 2024 | | :--- | :--- | :--- | | **Net cash flow from operating activities** | $59,629 | $100,380 | | **Net cash flow (used for) provided by investing activities** | $(6,368) | $86,224 | | **Net cash flow used for financing activities** | $(29,828) | $(116,876) | | **Increase in cash and cash equivalents** | $23,433 | $69,728 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the single operating segment, revenue nomenclature change, debt compliance, and ongoing litigation - TEGNA operates as a **single reportable segment**, consisting of 64 television stations and two radio stations[21](index=21&type=chunk) - Beginning in Q1 2025, 'Subscription' revenue was renamed **'Distribution' revenue** to better reflect content distribution fees[32](index=32&type=chunk)[62](index=62&type=chunk) - As of March 31, 2025, total debt principal was **$3.09 billion**, and the company was in compliance with all debt covenants[39](index=39&type=chunk) - The company is a defendant in antitrust lawsuits regarding local TV advertising sales, which it intends to **defend vigorously**[50](index=50&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) - The Accelerated Share Repurchase (ASR) program was completed on February 22, 2024, with a final delivery of **4.0 million shares**[47](index=47&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2025 revenue and income declined due to lower political advertising and the absence of a prior-year investment gain [Consolidated Results from Operations](index=16&type=section&id=Consolidated%20Results%20from%20Operations) Q1 2025 revenue fell 5% and net income dropped 69% year-over-year, driven by a large prior-year investment gain Q1 2025 vs Q1 2024 Performance (In thousands) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $680,049 | $714,252 | (5%) | | **Operating Income** | $109,023 | $137,560 | (21%) | | **Net Income Attributable to TEGNA Inc.** | $58,671 | $189,560 | (69%) | | **Diluted EPS** | $0.36 | $1.06 | (66%) | - The significant increase in non-operating expense was primarily due to the absence in 2025 of a **$152.9 million gain** from the sale of an investment in Broadcast Music, Inc. (BMI) that occurred in Q1 2024[72](index=72&type=chunk) [Revenues Analysis](index=17&type=section&id=Revenues%20Analysis) Revenue decline was driven by cyclical drops in Political and Advertising & Marketing Services revenue Revenue by Category (In thousands) | Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Distribution** | $379,556 | $380,503 | (0%) | | **Advertising & Marketing Services** | $286,397 | $296,109 | (3%) | | **Political** | $3,616 | $27,828 | (87%) | | **Other** | $10,480 | $9,812 | 7% | | **Total revenues** | $680,049 | $714,252 | (5%) | - Excluding the impact of a prior-year service disruption, distribution revenue would have been down **$14.0 million, or 3.6%**, in Q1 2025 compared to Q1 2024[63](index=63&type=chunk) [Non-GAAP Information](index=19&type=section&id=Non-GAAP%20Information) Q1 2025 Adjusted EBITDA decreased 22% to $136.2 million, with an Adjusted EBITDA margin of 20% Adjusted EBITDA Reconciliation (In thousands) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Net income attributable to TEGNA Inc. (GAAP)** | $58,671 | $189,560 | (69%) | | **Adjustments (Taxes, Interest, D&A, etc.)** | $77,577 | $(15,373) | *** | | **Adjusted EBITDA (Non-GAAP)** | $136,248 | $174,187 | (22%) | - Non-GAAP net income attributable to TEGNA Inc. was **$60.9 million ($0.37 per diluted share)** in Q1 2025, compared to $80.1 million ($0.45 per diluted share) in Q1 2024[74](index=74&type=chunk)[81](index=81&type=chunk) [Liquidity, Capital Resources and Cash Flows](index=21&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Cash%20Flows) The company maintains strong liquidity with a 2.89x leverage ratio and plans to redeem $250 million in debt - The company's leverage ratio was **2.89x** as of March 31, 2025, below the maximum permitted ratio of 4.50x[90](index=90&type=chunk) - TEGNA expects to redeem at least **$250 million** of its debt maturing in March 2026 during Q4 2025[90](index=90&type=chunk) - As of March 31, 2025, **$375.2 million remained available** for repurchase under the share repurchase program expiring December 31, 2025[86](index=86&type=chunk)[105](index=105&type=chunk) - Cash flow from operating activities decreased by **$40.8 million** YoY, primarily due to a $44.8 million payment for clean energy tax credits[92](index=92&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk exposure has not materially changed, with no current floating-rate debt obligations - There have been **no material changes** in market risk exposures since December 31, 2024[98](index=98&type=chunk) - The company had no floating interest obligations outstanding, but future borrowings are subject to **variable rates**[99](index=99&type=chunk) [Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective with no material changes to internal controls - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of March 31, 2025[100](index=100&type=chunk) - **No material changes** in internal controls over financial reporting occurred during the first quarter of 2025[101](index=101&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending against antitrust lawsuits related to local TV advertising, which it deems without merit - Information regarding legal proceedings is detailed in **Note 10** to the condensed consolidated financial statements[102](index=102&type=chunk) - The company is a defendant in ongoing antitrust litigation but does **not believe any material liability** will be imposed[49](index=49&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor regarding the impact of government tariffs on advertising demand has been identified - A new risk factor has been identified: The imposition of **U.S. government tariffs** and retaliatory actions may negatively impact advertising demand[104](index=104&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased in Q1 2025, with $375.2 million remaining under the current buyback authorization - **No shares were repurchased** during the three months ended March 31, 2025[105](index=105&type=chunk) - As of March 31, 2025, **$375.2 million** of common shares may still be repurchased under the program that expires on December 31, 2025[105](index=105&type=chunk) [Exhibits](index=25&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and agreements