TEGNA Inc. Reports Fourth Quarter and Full-Year 2024 Results and Provides First Quarter 2025 Guidance

Core Insights - TEGNA Inc. reported a 20% increase in total company revenue for Q4 2024, reaching $871 million, driven primarily by political advertising revenue [4] - The company reaffirmed its two-year Adjusted Free Cash Flow guidance for 2024/2025, estimating between$900 million and $1.1 billion [6][30] - TEGNA's CEO highlighted the company's strategy to reinvent content creation and monetization in response to technological advancements and regulatory changes [2] Financial Highlights - Q4 2024 political advertising revenue was$187 million, contributing significantly to the overall revenue growth [4] - Subscription revenue for Q4 2024 increased by 5% to $357 million, while AMS revenue decreased by 11$314 million [4][21] - Full-year 2024 total revenue was $3,102 million, a 7$373 million [4][19] Operational Performance - Adjusted EBITDA for Q4 2024 rose 76% to $312 million, attributed to strong political advertising and cost-cutting initiatives [4] - The company returned$356 million to shareholders in 2024 through dividends and share repurchases, maintaining a target range of 40-60% of cash flow returned [4][28] - Cash and cash equivalents at the end of Q4 2024 totaled $693 million, with a net leverage ratio of 2.7x [4][29] Strategic Developments - TEGNA announced a multi-year agreement with FuboTV Inc. for live sports telecasts and an exclusive distribution agreement with the WNBA's Dallas Wings [4] - The company appointed Dhanusha Sivajee as Senior Vice President and Chief Experience Officer to enhance local community engagement across its platforms [11] - TEGNA's station KXTV received a prestigious award for excellence in journalism, showcasing the company's commitment to quality content [11]