Core Points - The Dallas Wings have entered a landmark broadcast rights agreement with TEGNA's KFAA, making KFAA the exclusive local television partner for the Wings [1][3] - All Wings games not designated for national television will be available for free over-the-air in the Dallas-Fort Worth area on KFAA, with potential select games on WFAA [2][4] - This partnership is seen as a significant milestone for the Dallas Wings, coinciding with their tenth anniversary season and various organizational changes [3][5] Company Developments - The Dallas Wings will celebrate their 10th season in North Texas in 2025 and have advanced to the WNBA Playoffs five times in their first nine seasons [6] - The team has made significant changes to its front office, including hiring a new Executive Vice President of Basketball Operations and General Manager, as well as a new Head Coach [3] - The Wings won the Draft Lottery in November and will have the No. 1 pick in the upcoming 2025 WNBA Draft [3] Broadcast Details - Fans can watch Wings games on KFAA through various providers, including AT&T U-verse, Charter Spectrum, DIRECTV, and others [4][7] - KFAA, launched in October 2024, is also the broadcast home for the NBA's Dallas Mavericks and the NBA G League's Texas Legends [5][7] - The agreement enhances KFAA's position as a local destination for basketball fans in the region [3]

Group 1 - TEGNA Inc. declared a regular quarterly dividend of 12.5 cents per share, payable on April 1, 2025, to stockholders of record as of March 7, 2025 [1] - TEGNA operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms [2] - The company provides customized marketing solutions to help businesses grow and thrive [2] Group 2 - TEGNA's press release includes forward-looking statements regarding future financial and operating results, which are subject to risks and uncertainties [3] - The company emphasizes that expectations reflected in forward-looking statements may not be achieved and may change without notice [3]

TYSONS, Va., Jan. 22, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE: TGNA) will host a conference call to discuss its fourth quarter and full-year 2024 earnings results on Thursday, February 27, 2025, at 9 a.m. (ET). The conference call will be webcast through the company’s website, and is open to investors, the financial community, the media and other members of the public. To access the meeting by phone, please visit investors.TEGNA.com at least 10 minutes prior to the scheduled start time to access the links ...

TYSONS, Va., Jan. 06, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE:TGNA) today announced that Scott Dempsey has been named president and general manager at WLTX, TEGNA's CBS affiliate serving Columbia, South Carolina, effective today. In his role, Dempsey is responsible for overseeing the station's operations across all platforms, as well as driving results for advertisers.  Dempsey was vice president and general manager at WBTV, a market-leading CBS affiliate in Charlotte, North Carolina, from 2015-2022. Duri ...

Scott Dempsey Scott Dempsey will lead station operations at TEGNA's WLTX-TV serving Columbia, South Carolina. TYSONS, Va., Jan. 06, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE: TGNA) today announced that Scott Dempsey has been named president and general manager at WLTX, TEGNA’s CBS affiliate serving Columbia, South Carolina, effective today. In his role, Dempsey is responsible for overseeing the station’s operations across all platforms, as well as driving results for advertisers. Dempsey was vice presi ...

After underperforming much of the past year, shares of TEGNA (NYSE: TGNA ) have rallied substantially over the past two months, boosted by elevated political spending and a better than expected set of Q3 results. I last covered shares inOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let me know! ...

TEGNA’s (TGNA) third-quarter 2024 non-GAAP earnings of 94 cents per share beat the Zacks Consensus Estimate by 13.25% and increased 141.02% on a year-over-year basis.TGNA’s earnings beat the Zacks Consensus Estimate in three of the four trailing quarters, while missing once, with the average surprise being 3.22%.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Revenues increased 13% year over year to $806.8 million, beating the Zacks Consensus Estimate by 1.82%. The year-over-year incr ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) TEGNA's financial statements reflect asset growth, increased net income, and improved operating cash flow for Q3 and the first nine months of 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$7.20 billion** by September 30, 2024, driven by cash growth, while equity rose to **$2.87 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sept. 30, 2024 | Dec. 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $1,215,740 | $1,050,318 | | **Total assets** | **$7,198,602** | **$7,000,057** | | **Total current liabilities** | $466,710 | $423,372 | | **Total liabilities** | **$4,307,298** | **$4,276,373** | | **Total equity** | **$2,871,368** | **$2,704,872** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2024 revenues grew **13.1%** to **$806.8 million** due to political advertising, with net income rising **53.1%** to **$147.4 million** Q3 & Nine Months 2024 vs 2023 Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $806,827 | $713,243 | $2,231,442 | $2,185,076 | | **Operating Income** | $229,892 | $134,657 | $509,312 | $589,811 | | **Net Income Attributable to TEGNA** | $147,448 | $96,183 | $419,152 | $400,591 | | **Diluted EPS** | $0.89 | $0.48 | $2.44 | $1.86 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$435.2 million** for the nine months ended September 30, 2024, with investing activities providing **$49.1 million** Nine Months Ended Sept. 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash flow from operating activities** | $435,216 | $408,839 | | **Net cash flow provided by (used for) investing activities** | $49,107 | $(3,095) | | **Net cash flow used for financing activities** | $(309,106) | $(404,395) | | **Increase in cash and cash equivalents** | $175,217 | $1,349 | | **Cash and cash equivalents at end of period** | $536,253 | $553,030 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue sources, the **$56.0 million** Octillion Media acquisition, debt levels, share repurchases, and ongoing legal proceedings - On January 31, 2024, the company's subsidiary Premion, LLC acquired substantially all assets of Octillion Media for a base purchase price of **$56.0 million**, plus a potential earnout of up to **$14.0 million**. This resulted in the preliminary recording of **$34.4 million** in intangible assets and **$34.4 million** in goodwill[28](index=28&type=chunk)[29](index=29&type=chunk) - In the first quarter of 2024, the company received **$152.9 million** in pre-tax cash proceeds from the sale of its investment in Broadcast Music, Inc. (BMI), recognizing a gain of the same amount[32](index=32&type=chunk) - The company has an ongoing commercial agreement with MadHive, Inc., a related party. Expenses incurred under this agreement were **$16.4 million** for Q3 2024 and **$53.7 million** for the first nine months of 2024[48](index=48&type=chunk) Revenue by Source (in thousands) | Revenue Source | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Subscription | $356,205 | $377,891 | $1,098,554 | $1,188,297 | | Advertising & Marketing Services | $312,963 | $312,413 | $912,632 | $937,984 | | Political | $126,318 | $11,643 | $185,789 | $22,925 | | Other | $11,341 | $11,296 | $34,467 | $35,870 | | **Total revenues** | **$806,827** | **$713,243** | **$2,231,442** | **$2,185,076** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2024 revenue growth driven by political advertising, the impact of a prior-year merger fee on nine-month operating income, and strong liquidity with **$286.4 million** returned to shareholders [Consolidated Results from Operations](index=19&type=section&id=Consolidated%20Results%20from%20Operations) Q3 2024 revenues increased **13%** due to political advertising, offsetting subscription declines, while nine-month operating income decreased **14%** due to a prior-year merger fee Year-over-Year Revenue Change by Category (in thousands) | Revenue Category | Q3 2024 | Q3 2023 | Change | 9 Months 2024 | 9 Months 2023 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Subscription | $356,205 | $377,891 | (6%) | $1,098,554 | $1,188,297 | (8%) | | Advertising & Marketing Services | $312,963 | $312,413 | 0% | $912,632 | $937,984 | (3%) | | Political | $126,318 | $11,643 | *** | $185,789 | $22,925 | *** | - The decrease in nine-month operating income was primarily driven by the absence of the **$136.0 million** Merger termination fee received in 2023, a decrease in subscription revenue of **$89.7 million**, and a decline in AMS revenue of **$25.4 million**, which were partially offset by an increase in political revenue of **$162.9 million**[62](index=62&type=chunk) [Non-GAAP Information](index=24&type=section&id=Non-GAAP%20Information) Adjusted EBITDA, a non-GAAP measure, increased **62%** to **$269.5 million** in Q3 2024 and **10%** to **$619.4 million** for the nine months, driven by political revenue Adjusted EBITDA Reconciliation (in thousands) | Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net income attributable to TEGNA Inc. (GAAP)** | $147,448 | $96,183 | $419,152 | $400,591 | | **Adjustments (Taxes, Interest, D&A, Special Items, etc.)** | $122,055 | $69,738 | $200,265 | $164,605 | | **Adjusted EBITDA (Non-GAAP)** | **$269,503** | **$165,921** | **$619,417** | **$565,196** | - Special items affecting 2024 results include retention costs, workforce restructuring expenses, M&A-related costs, a contract termination fee, and a gain on the sale of the BMI investment[68](index=68&type=chunk) [Liquidity, Capital Resources and Cash Flows](index=26&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Cash%20Flows) TEGNA maintains strong liquidity with **$536.3 million** cash and **$737.9 million** unused credit, returning **$286.4 million** to shareholders in the first nine months - The company's capital allocation framework aims to return **40-60%** of Adjusted free cash flow from 2024-2025 to shareholders. In the first nine months of 2024, approximately **65%** of Adjusted free cash flow was returned[80](index=80&type=chunk) - In January 2024, the company amended its revolving credit facility, reducing the commitment from **$1.51 billion** to **$750 million** and extending the term to January 2029[33](index=33&type=chunk)[80](index=80&type=chunk) - Share repurchases in the first nine months of 2024 totaled **$226.0 million** for **15.7 million** shares under a **$650.0 million** program authorized in December 2023[80](index=80&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk exposures have not materially changed since December 31, 2023, with no floating interest rate obligations outstanding as of September 30, 2024 - There have been no material changes in market risk exposures since December 31, 2023[86](index=86&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal controls - The principal executive officer and principal financial officer concluded that disclosure controls and procedures are effective as of September 30, 2024[87](index=87&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) Information on legal proceedings, including ongoing antitrust litigation, is detailed in Note 10 to the condensed consolidated financial statements - Information regarding legal proceedings is detailed in Note 10 to the condensed consolidated financial statements[88](index=88&type=chunk) [Item 1A. Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the 2023 Annual Report on Form 10-K - There have been no material changes from the risk factors disclosed in the 2023 Annual Report on Form 10-K[89](index=89&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) TEGNA repurchased **4.8 million** shares for **$70.1 million** in Q3 2024, with **$424.0 million** remaining under the current share repurchase program Issuer Purchases of Equity Securities (Q3 2024) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2024 | 1,546,000 | $15.05 | | August 2024 | 1,797,000 | $14.03 | | September 2024 | 1,491,000 | $14.53 | | **Total Q3 2024** | **4,834,000** | **N/A** | - As of the end of Q3 2024, **$424.0 million** remained available for purchase under the current share repurchase program, which expires on December 31, 2025[92](index=92&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, executive agreements, and required certifications

Company Performance - TEGNA Inc. reported quarterly earnings of $0.94 per share, exceeding the Zacks Consensus Estimate of $0.83 per share, and showing a significant increase from $0.39 per share a year ago, representing an earnings surprise of 13.25% [1] - The company posted revenues of $806.83 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.82%, compared to revenues of $713.24 million in the same quarter last year [2] - Over the last four quarters, TEGNA has surpassed consensus EPS estimates three times, but has only topped consensus revenue estimates once [2] Stock Performance and Outlook - TEGNA shares have increased approximately 17.2% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.33 on revenues of $907.39 million, and for the current fiscal year, it is $3.07 on revenues of $3.12 billion [7] Industry Context - The Broadcast Radio and Television industry, to which TEGNA belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact TEGNA's stock performance [5]

The upcoming report from TEGNA Inc. (TGNA) is expected to reveal quarterly earnings of $0.83 per share, indicating an increase of 112.8% compared to the year-ago period. Analysts forecast revenues of $792.44 million, representing an increase of 11.1% year over year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Prior to a company's ea ...