Financial Data and Key Metrics Changes - Total company revenue for Q2 decreased by 5% year over year to $675 million, aligning with the outlook range of down 4% to 7% [17] - Adjusted EBITDA in Q2 decreased by 14% year over year to $151 million, primarily due to declines in high-margin political and AMS revenues [24] - Non-GAAP expenses finished down 3% year over year, driven by operational cost-cutting initiatives [23] Business Line Data and Key Metrics Changes - AMS revenue declined by 4% year over year to $288 million, reflecting ongoing macroeconomic headwinds [18] - Distribution revenue in Q2 was flat year over year at $370 million, impacted by subscriber declines but partially offset by contractual rate increases [21] - Digital products delivered strong double-digit growth year over year for the third consecutive quarter, indicating a positive trend in digital revenue [20] Market Data and Key Metrics Changes - Approximately 35% of traditional subscribers are up for renewal at the end of this year, with 30% up for renewal in 2026 [21] - The company is experiencing a shift in advertising dynamics, with expectations of a decline in total company revenue by 18% to 20% year over year in Q3 due to the cyclical nature of the business [26] Company Strategy and Development Direction - The company is focused on building a world-class team culture and leveraging strengths across its stations to improve performance [8] - There is a commitment to fully deploy technology, automation, and AI to enhance operational efficiency and reduce costs [9] - The company is investing in local journalism and digital development, with a significant expansion in local news programming [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position amidst regulatory changes that may benefit local broadcasters [7] - The outlook for the advertising market remains cautious due to economic uncertainty, but management believes advertisers will eventually return [49] - The company is committed to returning 40% to 60% of adjusted free cash flow to shareholders over the two-year period of 2024 and 2025 [25] Other Important Information - The company is on track to achieve annualized core non-programming savings of $90 million to $100 million by the end of 2025, having already achieved 80% of this target [23] - The Chief Operating Officer, Lynn Beal, will be retiring at the end of the month after over 35 years in the industry [14] Q&A Session Summary Question: Thoughts on NBC deal structure amidst scrutiny - Management values the network affiliate relationship and is focused on maintaining constructive partnerships, with no specific comments on the NBC deal structure [35] Question: Urgency in M&A perspective - Management believes deregulation is necessary and coming, creating significant profit opportunities for the broadcast industry, and they are open to being either a buyer or seller depending on opportunities [36] Question: Areas of cost savings using technology - Management highlighted automation in transcription, video editing, and identifying news stories as key areas where AI is being utilized to reduce costs [44] Question: Outlook for core advertising in Q3 - Management expects core advertising to decline in the low double to mid-teens range year over year, influenced by the previous year's Summer Olympics and changes in the Premion reseller partnership [52] Question: Market conditions for M&A - Management indicated a strong balance sheet and a focus on creating value for shareholders, engaging in the market to identify opportunities [59] Question: Trends in reverse retransmission agreements - Management noted a bend in the curve for programming fees, with opportunities to renegotiate favorable terms as agreements come up for renewal [61]

McEwen (MUX) Q2 2025 Earnings Call August 07, 2025 11:00 AM ET Speaker0Good day, and thank you for standing by. Welcome to the Q2 twenty twenty five TEGNA, Inc. Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Kirk von Stieland. Please go ahead.Speaker1Thank you. ...

Financial Data and Key Metrics Changes - Total company revenue for Q1 was $680 million, a decrease of 5% year over year, aligning with the outlook of down 4% to 7% [16][17] - Adjusted EBITDA for Q1 was $136 million, a 22% decrease year over year, primarily due to lower political advertising revenue and AMS revenue [20] - Cash and cash equivalents totaled $717 million at quarter end, with net leverage finishing at 2.8 times [22] Business Line Data and Key Metrics Changes - Advertising and marketing services (AMS) revenue was $286 million, a 3% decrease year over year, impacted by macroeconomic headwinds and the Super Bowl airing on Fox [17] - Distribution revenue was flat year over year at $380 million, affected by a temporary disruption of service and subscriber declines [19] - Digital advertising revenue showed year-over-year growth, continuing momentum from the previous quarter [18] Market Data and Key Metrics Changes - Advertising demand remains closely tied to overall economic sentiment, with consumer confidence softening, leading to a cautious approach from some advertisers [17] - Approximately 45% of traditional subscribers are up for renewal in 2025, providing opportunities for value capture [19] Company Strategy and Development Direction - The company is focused on five areas: building a strong team culture, leveraging strengths across stations, deploying technology and AI, growing digital revenue, and cutting unnecessary spending [6][7] - Recent sports rights deals have been secured across various leagues, enhancing local broadcasting capabilities [13] - The company is taking a measured approach to share repurchases, preserving financial flexibility amid potential deregulation and M&A opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management noted that the advertising environment is expected to be softer in Q2 compared to Q1, influenced by macroeconomic factors [31] - There is optimism regarding the potential for M&A opportunities due to favorable regulatory conditions [29][40] - The company remains committed to returning 40% to 60% of adjusted free cash flow to shareholders over the 2024-2025 period [21] Other Important Information - The company is on track to achieve annualized core non-programming savings of $90 million to $100 million by the end of 2025 [21] - A reclassification of subscription revenue to distribution revenue was made, with immaterial amounts highlighted for simplification [19] Q&A Session Summary Question: Future deregulation initiatives and M&A opportunities - Management believes that the FCC's support for local broadcasters will unlock M&A opportunities, but specifics depend on the full landscape and pricing [29][30] Question: Anticipated headwinds in the advertising environment - Management indicated that Q2 is expected to be softer than Q1, with lower consumer confidence impacting advertising strategies [31][32] Question: Appetite for M&A and synergy opportunities - Management expressed excitement about M&A opportunities, emphasizing the potential for significant cost savings through consolidation [39][64] Question: Trends in Premion's performance - Premion's revenues remain flattish quarter to quarter, with local advertising continuing to grow while national declines offset this growth [42] Question: Alternative uses of spectrum and revenue generation - Management sees potential in ATSC 3.0 technology for future revenue streams, though significant revenue generation is not expected immediately [48][49] Question: Market concentration and regulatory views - Management highlighted that big tech dominates viewer consumption, suggesting that regulators should consider the competitive landscape when evaluating local news market concentration [59][60]

Tegna (TGNA) Q1 2025 Earnings Call May 08, 2025 11:00 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Q1 twenty twenty five TEGNA, Inc. Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please pre ...

Core Insights - The Zacks Broadcast Radio and Television industry is experiencing challenges due to cord-cutting, but companies like Netflix, Gray Media, Fox Corporation, and TEGNA are benefiting from increased digital content consumption and diverse offerings [1][2]. Industry Overview - The industry includes companies providing entertainment, sports, news, and musical content across various platforms, generating revenue through program sales, advertising, and subscriptions [2]. - There is a shift towards a variable cost model to enhance flexibility and reduce fixed costs amid evolving market dynamics [2]. Trends - Companies are diversifying content for OTT services to adapt to changing consumer preferences, which is expected to boost ad revenues [3]. - The rise in digital viewing is driving demand for tailored content, leveraging AI and machine learning for user engagement [4]. - The macroeconomic landscape, including high inflation and competition from tech companies, is impacting advertising budgets and revenue growth [5]. - The introduction of low-priced "skinny bundles" is changing revenue dynamics, potentially dampening top-line performance [6]. Performance Metrics - The industry ranks 41 in the Zacks Industry Rank, indicating it is in the top 17% of over 250 industries, with a positive earnings outlook [7][9]. - The industry has outperformed the broader Zacks Consumer Discretionary sector and the S&P 500, gaining 54.4% over the past year compared to 2% and 1.5% respectively [11]. - The current EV/EBITDA ratio for the industry is 15.35X, slightly above the S&P 500's 15.19X [14]. Company Highlights - **Fox Corporation**: Demonstrated strong financial momentum with a 20% revenue growth and record EBITDA of $781 million, while also expanding its audience share and attracting new advertisers [17][18]. - **TEGNA**: Focused on modernization and technology deployment, targeting $90-$100 million in annualized savings, with a strong balance sheet and digital transformation initiatives [22][24]. - **Netflix**: Achieved first-quarter revenues of $10.54 billion, up 12.5% year over year, with a growing subscriber base and ambitious revenue targets [27][28]. - **Gray Media**: Positioned to capitalize on market-leading stations and diversified revenue streams, with successful partnerships in local sports and a focus on reducing debt [31][35].

TEGNA Inc (NYSE:TGNA) Q4 2024 Results Conference Call February 27, 2025 9:00 AM ET Company Participants Kirk von Seelen - Investor Relations Mike Steib - Chief Executive Officer Julie Heskett - Chief Financial Officer Conference Call Participants Stephen Cahall - Wells Fargo Craig Huber - Huber Research Patrick Sholl - Barrington Research Marlane Pereiro - Bank of America Dan Kurnos - The Benchmark Company Operator Good day, and thank you for standing by. Welcome to the Q4 2024 TEGNA Inc. Earnings Conferenc ...

Tegna (TGNA) Q4 2024 Earnings Call February 27, 2025 09:00 AM ET Company Participants Kirk von Seelen - VP & TreasurerMike Steib - President & CEOJulie Heskett - Senior VP & CFOPatrick Sholl - Vice PresidentMarlane Pereiro - High Yield Credit Research Conference Call Participants Steven Cahall - Managing Director, Senior Analyst - Media, Advertising & CableCraig Huber - Equity Research AnalystDaniel Kurnos - Equity Research Analyst Operator Good day, and thank you for standing by. Welcome to the Q4 twenty t ...