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    TEGNA Inc. Reports Third Quarter 2024 Results and Provides Fourth Quarter 2024 Guidance

    11/7/24 7:30:00 AM ET
    $TGNA
    Broadcasting
    Industrials
    Get the next $TGNA alert in real time by email

    Exceeds third quarter key guidance metrics and reaffirms full-year 2024 key guidance metrics

    Reports record third quarter political revenue

    Returns more than $90 million of capital to shareholders, on track to meet commitment to return approximately $350 million of capital in 2024

    TEGNA Inc. (NYSE:TGNA) today announced financial results for the third quarter ended September 30, 2024.

    THIRD QUARTER FINANCIAL HIGHLIGHTS:

    All Year-Over-Year Comparisons Unless Otherwise Noted:

    • Total company revenue increased 13% to $807 million, above our guidance range, primarily driven by strength in political advertising and positive growth in advertising and marketing services (AMS) revenue.
    • Political advertising revenue totaled $126 million, a new third quarter record.
      • Full-year political advertising revenue through Election Day was approximately $375 million.
    • Subscription revenue decreased 6% to $356 million, primarily due to subscriber declines partially offset by contractual rate increases.
    • AMS revenue increased slightly to $313 million driven by increased advertising related to the Summer Olympic Games partially offset by political crowd out. The underlying advertising trend improved due to demand from local accounts that outweighed continued softness from national accounts.
    • GAAP operating expenses decreased slightly to $577 million and non-GAAP operating expenses1 were $566 million, both benefiting from a reduction of programming fees and our core cost initiatives.
    • GAAP and non-GAAP operating income1 totaled $230 million and $240 million, respectively.
    • GAAP net income attributable to TEGNA Inc. was $147 million and non-GAAP net income attributable to TEGNA Inc.1 was $157 million.
    • GAAP and non-GAAP earnings per diluted share1 were $0.89 and $0.94, respectively.
    • Total company Adjusted EBITDA2 increased 62% to $270 million primarily due to strength in political advertising and continued cost benefits from our core cost initiatives.

     

     

     

     

     

     

    1 See Table 3 for details

     

     

     

     

     

    2 See Table 4 for details

     

     

     

     

     

    "I am thrilled to join TEGNA at this pivotal moment for the Company and for local journalism," said Mike Steib, CEO. "The good work we do serving our communities, our strong brands, and sizable TV and online audience position us well to adapt to the headwinds in our industry. Our wins this quarter with political advertising, the Summer Olympic games, and sports rights are a reminder of the strong foundation on which we can build our future."

    KEY BUSINESS UPDATES:

    • TEGNA reported record political advertising revenue during the third quarter.
    • TEGNA continued to expand its sports rights through agreements with the Dallas Mavericks and Kroenke Sports & Entertainment's Denver Nuggets and Colorado Avalanche.
    • Key personnel updates
      • TEGNA appointed Alex Tolston chief legal officer, effective October 21, 2024. Tolston serves as a member of the Company's leadership team, reporting to CEO Mike Steib.
      • Lynn Beall, executive vice president and chief operating officer of media operations, will depart TEGNA in mid-2025 after a significant transition period, enabling the Company to benefit from her invaluable experience as it transitions to a new organizational structure.
      • Ellen Crooke, senior vice president of news, will retire in January 2025.
    • TEGNA stations received ten 2024 National Edward R. Murrow Awards for excellence in broadcast journalism, more than any other station group.

    CAPITAL ALLOCATION, LEVERAGE, AND LIQUIDITY:

    • During the first nine months of 2024, we returned approximately 65% of Adjusted free cash flow to shareholders through share repurchases and dividends. We continue to expect to return 40-60% of our Adjusted free cash flow3 over 2024-2025 to shareholders, including approximately $350 million in 2024.
    • Adjusted free cash flow was $211 million for the quarter and $441 million for the first nine months of 2024.
    • During the third quarter, the Company returned $91 million of capital to shareholders, with $70 million in share repurchases, representing 4.9 million shares, and $21 million in dividends.
    • Interest expense in the third quarter fell slightly to $42 million due to decreased undrawn fees on the company's revolving credit facility.
    • Cash and cash equivalents totaled $536 million at the end of the third quarter. Net leverage finished the third quarter at 2.8x4.

     

     

     

     

     

     

    3 See Table 5 for details

     

     

     

     

     

    4 See Table 6 for details

     

     

     

     

     

     

    FULL-YEAR AND FOURTH QUARTER 2024 OUTLOOK:

     
     

    Full-Year 2024 Key Guidance Metrics

     

     

     

    TEGNA is reaffirming its guidance metrics for the full-year of 2024 and improving the effective tax rate

     

     

    2024/2025 Two-Year Adjusted FCF

    $900 million – 1.1 billion

    Net Leverage Ratio

    Below 3x at year end

    Corporate Expenses

    $40 – 45 million

    Depreciation

    $56 – 60 million

    Amortization

    $51 – 55 million

    Interest Expense

    $170 – 173 million

    Capital Expenditures

    $62 – 67 million

    Effective Tax Rate

    22.0 – 23.0%

    Fourth Quarter 2024 Key Guidance Metrics

     

     

     

    Reflects expectations relative to fourth quarter 2023 results

     

     

     

    Total Company GAAP Revenue

    Up 19% to 21%

    Total Non-GAAP Operating Expenses

    Up 1% to 3%

     

     

    CONFERENCE CALL

    TEGNA will host a conference call and webcast on Thursday, November 7, 2024, to discuss the Company's financial results and other business matters. The teleconference will begin at 9:00 a.m. Eastern Time and will be hosted by Mike Steib, CEO, and Julie Heskett, chief financial officer.

    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 and register before the conference call begins. Once registered, phone participants will receive dial-in numbers and a unique PIN to seamlessly access the call.

    FORWARD-LOOKING STATEMENTS

    This communication includes forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this communication, the words "believes," "estimates," "plans," "expects," "should," "could," "outlook," and "anticipates" and similar expressions as they relate to the Company or its financial results are intended to identify forward-looking statements. Forward-looking statements in this communication may include, without limitation, statements regarding anticipated growth rates and the Company's plans, objectives and expectations. Forward-looking statements are based on a number of assumptions about future events and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs, projections and estimates expressed in such statements, many of which are outside the Company's control. These risks, uncertainties and other factors include, but are not limited to, risks and uncertainties related to: changes in the market price of the Company's shares, general market conditions, constraints, volatility, or disruptions in the capital markets; the possibility that the Company's capital allocation plan, including dividends, share repurchases, and/or strategic acquisitions, investments, and partnerships may not enhance long-term stockholder value; legal proceedings, judgments or settlements; the Company's ability to re-price or renew subscribers; potential regulatory actions; changes in consumer behaviors and impacts on and modifications to TEGNA's operations and business relating thereto; and economic, competitive, governmental, technological and other factors and risks that may affect the Company's operations or financial results, which are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. The Company is not responsible for updating the information contained in this communication beyond the published date, or for changes made to this press release by wire services, Internet service providers or other media.

    Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The Company undertakes no obligation to update or to revise any forward-looking statements.

    ADDITIONAL INFORMATION

    TEGNA Inc. (NYSE:TGNA) serves local communities across the U.S. through trustworthy journalism, engaging content, and tools that help people navigate their daily lives. Through customized marketing solutions, we help businesses grow and thrive. With 64 television stations in 51 U.S. markets, TEGNA reaches approximately 100 million people every month across the web, mobile apps, streaming, and linear television. For more information, visit TEGNA.com.

     
     
     

    CONSOLIDATED STATEMENTS OF INCOME

    TEGNA Inc.

    Unaudited, in thousands of dollars (except per share amounts) 

     

    Table No. 1 

     

     

    Quarter ended Sept. 30,

     

    2024

     

    2023

     

    Change

     

     

     

     

     

     

     

     

     

    Revenues

    $

    806,827

     

     

    $

    713,243

     

     

     

    13

    %

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

    Cost of revenues

     

    437,855

     

     

     

    438,260

     

     

     

    0

    %

    Business units - Selling, general and administrative expenses

     

    96,882

     

     

     

    98,394

     

     

     

    (2

    %)

    Corporate - General and administrative expenses

     

    13,188

     

     

     

    13,552

     

     

     

    (3

    %)

    Depreciation

     

    15,543

     

     

     

    15,083

     

     

     

    3

    %

    Amortization of intangible assets

     

    13,467

     

     

     

    13,297

     

     

     

    1

    %

    Total

     

    576,935

     

     

     

    578,586

     

     

     

    0

    %

    Operating income

     

    229,892

     

     

     

    134,657

     

     

     

    71

    %

     

     

     

     

     

     

     

     

     

    Non-operating (expense) income:

     

     

     

     

     

     

     

     

    Interest expense

     

    (42,288

    )

     

     

    (43,418

    )

     

     

    (3

    %)

    Interest income

     

    7,023

     

     

     

    7,389

     

     

     

    (5

    %)

    Other non-operating items, net

     

    (2,696

    )

     

     

    25,427

     

     

    ***

     

    Total

     

    (37,961

    )

     

     

    (10,602

    )

     

    ***

     

     

     

     

     

     

     

     

     

     

    Income before income taxes

     

    191,931

     

     

     

    124,055

     

     

     

    55

    %

    Provision for income taxes

     

    44,743

     

     

     

    27,801

     

     

     

    61

    %

    Net income

     

    147,188

     

     

     

    96,254

     

     

     

    53

    %

    Net loss (income) attributable to redeemable noncontrolling interest

     

    260

     

     

     

    (71

    )

     

    ***

     

    Net income attributable to TEGNA Inc.

    $

    147,448

     

     

    $

    96,183

     

     

     

    53

    %

     

     

     

     

     

     

     

     

     

    Earnings per share:

     

     

     

     

     

     

     

     

    Basic

    $

    0.89

     

     

    $

    0.48

     

     

     

    85

    %

    Diluted

    $

    0.89

     

     

    $

    0.48

     

     

     

    85

    %

     

     

     

     

     

     

     

     

     

    Weighted average number of common shares outstanding:

     

     

     

     

     

     

     

     

    Basic shares

     

    165,188

     

     

     

    200,779

     

     

     

    (18

    %)

    Diluted shares

     

    165,748

     

     

     

    201,218

     

     

     

    (18

    %)

     

    *** Not meaningful 

     
     
     
     

    CONSOLIDATED STATEMENTS OF INCOME

    TEGNA Inc.

    Unaudited, in thousands of dollars (except per share amounts) 

     

    Table No. 1 (continued) 

     

     

    Nine months ended Sept. 30,

     

    2024

     

    2023

     

    Change

     

     

     

     

     

     

     

     

     

    Revenues

    $

    2,231,442

     

     

    $

    2,185,076

     

     

     

    2

    %

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

    Cost of revenues

     

    1,300,466

     

     

     

    1,295,720

     

     

     

    0

    %

    Business units - Selling, general and administrative expenses

     

    294,080

     

     

     

    294,734

     

     

     

    0

    %

    Corporate - General and administrative expenses

     

    40,671

     

     

     

    52,158

     

     

     

    (22

    %)

    Depreciation

     

    45,026

     

     

     

    45,119

     

     

     

    0

    %

    Amortization of intangible assets

     

    40,790

     

     

     

    40,175

     

     

     

    2

    %

    Asset impairment and other

     

    1,097

     

     

     

    3,359

     

     

     

    (67

    %)

    Merger termination fee

     

    —

     

     

     

    (136,000

    )

     

    ***

     

    Total

     

    1,722,130

     

     

     

    1,595,265

     

     

     

    8

    %

    Operating income

     

    509,312

     

     

     

    589,811

     

     

     

    (14

    %)

     

     

     

     

     

     

     

     

     

    Non-operating (expense) income:

     

     

     

     

     

     

     

     

    Interest expense

     

    (126,404

    )

     

     

    (129,121

    )

     

     

    (2

    %)

    Interest income

     

    18,469

     

     

     

    23,498

     

     

     

    (21

    %)

    Other non-operating items, net

     

    144,313

     

     

     

    19,990

     

     

    ***

     

    Total

     

    36,378

     

     

     

    (85,633

    )

     

    ***

     

     

     

     

     

     

     

     

     

     

    Income before income taxes

     

    545,690

     

     

     

    504,178

     

     

     

    8

    %

    Provision for income taxes

     

    127,211

     

     

     

    103,827

     

     

     

    23

    %

    Net income

     

    418,479

     

     

     

    400,351

     

     

     

    5

    %

    Net loss attributable to redeemable noncontrolling interest

     

    673

     

     

     

    240

     

     

    ***

     

    Net income attributable to TEGNA Inc.

    $

    419,152

     

     

    $

    400,591

     

     

     

    5

    %

     

     

     

     

     

     

     

     

     

    Earnings per share:

     

     

     

     

     

     

     

     

    Basic

    $

    2.44

     

     

    $

    1.86

     

     

     

    31

    %

    Diluted

    $

    2.44

     

     

    $

    1.86

     

     

     

    31

    %

     

     

     

     

     

     

     

     

     

    Weighted average number of common shares outstanding:

     

     

     

     

     

     

     

     

    Basic shares

     

    170,820

     

     

     

    214,297

     

     

     

    (20

    %)

    Diluted shares

     

    171,334

     

     

     

    214,591

     

     

     

    (20

    %)

     

    *** Not meaningful 

     
     
     

    REVENUE CATEGORIES

    TEGNA Inc.

    Unaudited, in thousands of dollars 

     

    Table No. 2 

     

    Below is a detail of our primary sources of revenue:

     

    Quarter ended Sept. 30,

     

    2024

     

    2023

     

    Change

     

     

     

     

     

     

     

     

    Subscription

    $

    356,205

     

     

    $

    377,891

     

     

    (6%)

    Advertising & Marketing Services

     

    312,963

     

     

     

    312,413

     

     

    0%

    Political

     

    126,318

     

     

     

    11,643

     

     

    ***

    Other

     

    11,341

     

     

     

    11,296

     

     

    0%

    Total revenues

    $

    806,827

     

     

    $

    713,243

     

     

    13%

     

     

     

     

     

     

     

     

     

    Nine months ended Sept. 30,

     

    2024

     

    2023

     

    Change

     

     

     

     

     

     

     

     

    Subscription

    $

    1,098,554

     

     

    $

    1,188,297

     

     

    (8%)

    Advertising & Marketing Services

     

    912,632

     

     

     

    937,984

     

     

    (3%)

    Political

     

    185,789

     

     

     

    22,925

     

     

    ***

    Other

     

    34,467

     

     

     

    35,870

     

     

    (4%)

    Total revenues

    $

    2,231,442

     

     

    $

    2,185,076

     

     

    2%

     

    *** Not meaningful 

     
     
     
     

    USE OF NON-GAAP INFORMATION

    The company uses non-GAAP financial performance and liquidity measures to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the related GAAP measures, nor should they be considered superior to the related GAAP measures and should be read together with financial information presented on a GAAP basis. Also, our non-GAAP measures may not be comparable to similarly titled measures of other companies.

    Management and the company's Board of Directors (the "Board") regularly use Corporate–General and administrative expenses, Operating expenses, Operating income, Income before income taxes, Provision for income taxes, Net income attributable to TEGNA Inc., and Diluted earnings per share, each presented on a non-GAAP basis, for purposes of evaluating company performance. Management and the Board also use Adjusted EBITDA and Adjusted free cash flow to evaluate company performance and liquidity, respectively. The Leadership Development and Compensation Committee of our Board uses non-GAAP measures such as Adjusted EBITDA, non-GAAP net income, non-GAAP EPS, and Adjusted free cash flow to evaluate and compensate senior management. The Board uses Adjusted free cash flow in its periodic assessments of, among other things, repurchases of the company's common stock, the company's dividends, strategic opportunities and long-term debt retirement. The company, therefore, believes that each of the non-GAAP measures presented provides useful information to investors and other stakeholders by allowing them to view our business through the eyes of management and our Board, facilitating comparisons of results across historical periods and focus on the underlying ongoing operating performance of our business. The company also believes these non-GAAP measures are frequently used by investors, securities analysts and other interested parties in their evaluation of our business and other companies in the broadcast industry.

    The company discusses in this release non-GAAP financial performance and liquidity measures that exclude from its reported GAAP results the impact of "special items" consisting of asset impairment and other, merger and acquisition (M&A)-related costs, Merger termination fee, retention costs, workforce restructuring, gain recognized on the partial sale of one of our equity investments, and a gain related to the sale of the company's investment in Broadcast Music Inc. ("BMI"). In addition, we have excluded an income tax special items associated with a valuation allowance on a deferred tax asset related to an equity method investment and a tax benefit associated with previously disallowed transaction costs. The company believes that such expenses and gains are not indicative of normal, ongoing operations. While these items should not be disregarded in evaluation of our earnings or liquidity performance, it is useful to exclude such items when analyzing current results and trends compared to other periods as these items can vary significantly from period to period depending on specific underlying transactions or events that may occur. Therefore, while we may incur or recognize these types of expenses, charges and gains, in the future, the company believes that removing these items for purposes of calculating the non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating performance.

    The company also discusses Adjusted EBITDA (with and without stock-based compensation expense), a non-GAAP financial performance measure that it believes offers a useful view of the overall operation of its businesses. The company defines Adjusted EBITDA as net income attributable to TEGNA before (1) net loss attributable to redeemable noncontrolling interest, (2) income taxes, (3) interest expense, (4) interest income, (5) other non-operating items, net, (6) M&A-related costs, (7) asset impairment and other, (8) workforce restructuring costs, (9) employee retention costs, (10) the Merger termination fee, (11) depreciation and (12) amortization of intangible assets. The company believes these adjustments facilitate company-to-company operating performance comparisons by removing potential differences caused by variations unrelated to operating performance, such as capital structures (interest expense), income taxes, and the age and book appreciation of property and equipment (and related depreciation expense). The most directly comparable GAAP financial measure to Adjusted EBITDA is Net income attributable to TEGNA. Users should consider the limitations of using Adjusted EBITDA, including the fact that this measure does not provide a complete measure of our operating performance. Adjusted EBITDA is not intended to purport to be an alternate to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. In particular, Adjusted EBITDA is not intended to be a measure of cash flow available for management's discretionary expenditures, as this measure does not consider certain cash requirements, such as working capital needs, capital expenditures, contractual commitments, interest payments, tax payments and other debt service requirements.

    This earnings release also discusses Adjusted free cash flow, a non-GAAP liquidity measure. The most directly comparable GAAP financial measure to Adjusted free cash flow is Net cash flow from operating activities. Starting in the second quarter of 2024, the company updated its definition of Adjusted free cash flow. Adjusted free cash flow is now calculated as net cash flow from operating activities less payments for purchases of property and equipment plus or minus special items. The company removes special items affecting cash flow from operating activities because we do not consider these items to be indicative of its underlying cash flow generation for the reporting period. Adjusted free cash flow is not intended to be a measure of residual cash available for management's discretionary use since it omits significant sources and uses of cash flow including mandatory debt repayments. The principal difference between the new definition and the former definition is the inclusion of cash flows driven by changes in certain working capital accounts (primarily accounts receivable, accounts payable and accrued expenses) which are now included. The company's 2024/2025 Two-Year Adjusted free cash flow guidance of $900 million to $1.1 billion remains the same.

    This earnings release also presents our net leverage ratio which includes Adjusted EBITDA (without stock-based compensation) as a component of the computation. Our net leverage ratio is a financial measure that is used by management to assess the borrowing capacity of the company and management believes it is useful to investors for the same reason. The company defines its Net Leverage Ratio as (a) net debt (total debt less cash and cash equivalents) as of the balance sheet date divided by (b) Average Annual Adjusted EBITDA for the trailing two-year period.

    The company is furnishing forward-looking guidance with respect to Adjusted free cash flow for the combined 2024-25 years, net leverage and corporate expenses for fiscal year 2024 and non-GAAP operating expenses for the fourth quarter of 2024. Our future GAAP financial results will include the impact of special items such as retention costs including stock-based compensation and cash payments, M&A-related costs, workforce restructuring, and asset impairment. The company believes that such expenses are not indicative of normal, ongoing operations. While these items should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods. Therefore, while we may incur or recognize these types of expenses in the future, the company believes that removing these items for purposes of calculating the non-GAAP basis financial measures provides investors with a more focused presentation of our ongoing operating performance.

    The company is not able to reconcile these amounts to their comparable GAAP financial measures without unreasonable efforts because certain information necessary to calculate such measures on a GAAP basis is unavailable, dependent on future events outside of our control and cannot be predicted. An example of such information is share-based compensation, which is impacted by future share price movement in the company's stock price and also dependent on future hiring and attrition. In addition, the company believes such reconciliations could imply a degree of precision that might be confusing or misleading to investors. The actual effect of the reconciling items that the company may exclude from these non-GAAP expense numbers, when determined, may be significant to the calculation of the comparable GAAP measures.

     
     
     
     

    NON-GAAP FINANCIAL INFORMATION

    TEGNA Inc.

    Unaudited, in thousands of dollars (except per share amounts) 

     

    Table No. 3 

     

    Reconciliations of certain line items impacted by special items to the most directly comparable financial measure calculated and presented in accordance with GAAP on the company's Consolidated Statements of Income follow:

     

     

     

     

     

     

    Special Items

     

     

     

    Quarter ended Sept. 30, 2024

     

    GAAP

    measure

     

    Retention

    costs - SBC

     

    Retention

    costs - Cash

     

    Workforce

    restructuring

     

    Non-GAAP

    measure

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate - General and administrative expenses

     

    $

    13,188

     

     

    $

    (1,771

    )

     

    $

    (1,181

    )

     

    $

    (1,231

    )

     

    $

    9,005

     

    Operating expenses

     

     

    576,935

     

     

     

    (4,044

    )

     

     

    (2,390

    )

     

     

    (4,167

    )

     

     

    566,334

     

    Operating income

     

     

    229,892

     

     

     

    4,044

     

     

     

    2,390

     

     

     

    4,167

     

     

     

    240,493

     

    Income before income taxes

     

     

    191,931

     

     

     

    4,044

     

     

     

    2,390

     

     

     

    4,167

     

     

     

    202,532

     

    Provision for income taxes

     

     

    44,743

     

     

     

    242

     

     

     

    430

     

     

     

    518

     

     

     

    45,933

     

    Net income attributable to TEGNA Inc.

     

     

    147,448

     

     

     

    3,802

     

     

     

    1,960

     

     

     

    3,649

     

     

     

    156,859

     

    Earnings per share - diluted

     

    $

    0.89

     

     

    $

    0.02

     

     

    $

    0.01

     

     

    $

    0.02

     

     

    $

    0.94

     

     

     

     

     

     

     

    Special Items

     

     

     

    Quarter ended Sept. 30, 2023

     

    GAAP

    measure

     

    Retention

    costs - SBC

     

    Retention

    costs - Cash

     

    Other

    non-operating

    item

     

    Special

    tax item

     

    Non-GAAP

    measure

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate - General and administrative expenses

     

    $

    13,552

     

     

    $

    (440

    )

     

    $

    (553

    )

     

    $

    —

     

     

    $

    —

     

     

    $

    12,559

     

    Operating expenses

     

     

    578,586

     

     

     

    (1,692

    )

     

     

    (1,192

    )

     

     

    —

     

     

     

    —

     

     

     

    575,702

     

    Operating income

     

     

    134,657

     

     

     

    1,692

     

     

     

    1,192

     

     

     

    —

     

     

     

    —

     

     

     

    137,541

     

    Income before income taxes

     

     

    124,055

     

     

     

    1,692

     

     

     

    1,192

     

     

     

    (25,809

    )

     

     

    —

     

     

     

    101,130

     

    Provision for income taxes

     

     

    27,801

     

     

     

    237

     

     

     

    152

     

     

     

    (6,604

    )

     

     

    1,516

     

     

     

    23,102

     

    Net income attributable to TEGNA Inc.

     

     

    96,183

     

     

     

    1,455

     

     

     

    1,040

     

     

     

    (19,205

    )

     

     

    (1,516

    )

     

     

    77,957

     

    Earnings per share - diluted

     

    $

    0.48

     

     

    $

    0.01

     

     

    $

    0.01

     

     

    $

    (0.10

    )

     

    $

    (0.01

    )

     

    $

    0.39

     

     
     
     
     

    NON-GAAP FINANCIAL INFORMATION

    TEGNA Inc.

    Unaudited, in thousands of dollars (except per share amounts) 

     

    Table No. 3 (continued) 

     

     

     

     

     

     

    Special Items

     

     

     

    Nine months ended Sept. 30, 2024

     

    GAAP

    measure

     

    Retention

    costs - SBC

     

    Retention

    costs - Cash

     

    M&A-related

    costs

     

    Workforce

    restructuring

     

    Asset

    impairment

    and other

     

    Other

    non-operating

    item

     

    Non-GAAP

    measure

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate - General and administrative expenses

     

    $

    40,671

     

     

    $

    (3,094

    )

     

    $

    (2,056

    )

     

    $

    (2,290

    )

     

    $

    (1,834

    )

     

    $

    —

     

     

    $

    —

     

     

    $

    31,397

     

    Operating expenses

     

     

    1,722,130

     

     

     

    (9,135

    )

     

     

    (3,963

    )

     

     

    (2,290

    )

     

     

    (7,804

    )

     

     

    (1,097

    )

     

     

    —

     

     

     

    1,697,841

     

    Operating income

     

     

    509,312

     

     

     

    9,135

     

     

     

    3,963

     

     

     

    2,290

     

     

     

    7,804

     

     

     

    1,097

     

     

     

    —

     

     

     

    533,601

     

    Income before income taxes

     

     

    545,690

     

     

     

    9,135

     

     

     

    3,963

     

     

     

    2,290

     

     

     

    7,804

     

     

     

    1,097

     

     

     

    (152,867

    )

     

     

    417,112

     

    Provision for income taxes

     

     

    127,211

     

     

     

    1,035

     

     

     

    678

     

     

     

    593

     

     

     

    1,408

     

     

     

    284

     

     

     

    (36,621

    )

     

     

    94,588

     

    Net income attributable to TEGNA Inc.

     

     

    419,152

     

     

     

    8,100

     

     

     

    3,285

     

     

     

    1,697

     

     

     

    6,396

     

     

     

    813

     

     

     

    (116,246

    )

     

     

    323,197

     

    Earnings per share - diluted (a)

     

    $

    2.44

     

     

    $

    0.05

     

     

    $

    0.02

     

     

    $

    0.01

     

     

    $

    0.04

     

     

    $

    0.01

     

     

    $

    (0.68

    )

     

    $

    1.88

     

     

    (a) Per share amounts do not sum due to rounding. 

     

     

     

     

     

     

    Special Items

     

     

     

    Nine months ended Sept. 30, 2023

     

    GAAP

    measure

     

    M&A-related

    costs

     

    Retention

    costs - SBC

     

    Retention

    costs - Cash

     

    Merger

    termination

    fee

     

    Asset

    impairment

    and other

     

    Other

    non-operating

    item

     

    Special

    tax item

     

    Non-GAAP

    measure

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate - General and administrative expenses

     

    $

    52,158

     

     

    $

    (19,848

    )

     

    $

    (440

    )

     

    $

    (553

    )

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    31,317

     

    Operating expenses

     

     

    1,595,265

     

     

     

    (19,848

    )

     

     

    (1,692

    )

     

     

    (1,192

    )

     

     

    136,000

     

     

     

    (3,359

    )

     

     

    —

     

     

     

    —

     

     

     

    1,705,174

     

    Operating income

     

     

    589,811

     

     

     

    19,848

     

     

     

    1,692

     

     

     

    1,192

     

     

     

    (136,000

    )

     

     

    3,359

     

     

     

    —

     

     

     

    —

     

     

     

    479,902

     

    Income before income taxes

     

     

    504,178

     

     

     

    19,848

     

     

     

    1,692

     

     

     

    1,192

     

     

     

    (136,000

    )

     

     

    3,359

     

     

     

    (25,809

    )

     

     

    —

     

     

     

    368,460

     

    Provision for income taxes

     

     

    103,827

     

     

     

    4,552

     

     

     

    237

     

     

     

    152

     

     

     

    (24,504

    )

     

     

    860

     

     

     

    (6,604

    )

     

     

    7,959

     

     

     

    86,479

     

    Net income attributable to TEGNA Inc.

     

     

    400,591

     

     

     

    15,296

     

     

     

    1,455

     

     

     

    1,040

     

     

     

    (111,496

    )

     

     

    2,499

     

     

     

    (19,205

    )

     

     

    (7,959

    )

     

     

    282,221

     

    Earnings per share - diluted (a)

     

    $

    1.86

     

     

    $

    0.07

     

     

    $

    0.01

     

     

    $

    —

     

     

    $

    (0.52

    )

     

    $

    0.01

     

     

    $

    (0.09

    )

     

    $

    (0.04

    )

     

    $

    1.31

     

     

    (a) Per share amounts do not sum due to rounding. 

     
     
     
     

    NON-GAAP FINANCIAL INFORMATION

    TEGNA Inc.

    Unaudited, in thousands of dollars 

     

    Table No. 4 

     

    Reconciliations of Adjusted EBITDA to net income presented in accordance with GAAP on the company's Consolidated Statements of Income are presented below:

     

    Quarter ended Sept. 30,

     

    2024

     

    2023

     

     

     

     

     

     

    Net income attributable to TEGNA Inc. (GAAP basis)

    $

    147,448

     

     

    $

    96,183

     

    (Less) Plus: Net (loss) income attributable to redeemable noncontrolling interest

     

    (260

    )

     

     

    71

     

    Plus: Provision for income taxes

     

    44,743

     

     

     

    27,801

     

    Plus: Interest expense

     

    42,288

     

     

     

    43,418

     

    Less: Interest income

     

    (7,023

    )

     

     

    (7,389

    )

    Plus (Less): Other non-operating items, net

     

    2,696

     

     

     

    (25,427

    )

    Operating income (GAAP basis)

     

    229,892

     

     

     

    134,657

     

    Plus: Workforce restructuring

     

    4,167

     

     

     

    —

     

    Plus: Retention costs - Employee stock-based compensation expenses

     

    4,044

     

     

     

    1,692

     

    Plus: Retention costs - Cash

     

    2,390

     

     

     

    1,192

     

    Adjusted operating income (non-GAAP basis)

     

    240,493

     

     

     

    137,541

     

    Plus: Depreciation

     

    15,543

     

     

     

    15,083

     

    Plus: Amortization of intangible assets

     

    13,467

     

     

     

    13,297

     

    Adjusted EBITDA

    $

    269,503

     

     

    $

    165,921

     

    Stock-based compensation expenses:

     

     

     

     

     

    Employee awards

     

    6,546

     

     

     

    4,866

     

    Company stock 401(k) match contributions

     

    4,035

     

     

     

    3,924

     

    Adjusted EBITDA before stock-based compensation costs

    $

    280,084

     

     

    $

    174,711

     

     

     

    Nine months ended Sept. 30,

     

    2024

     

    2023

     

     

     

     

     

     

    Net income attributable to TEGNA Inc. (GAAP basis)

    $

    419,152

     

     

    $

    400,591

     

    Less: Net loss attributable to redeemable noncontrolling interest

     

    (673

    )

     

     

    (240

    )

    Plus: Provision for income taxes

     

    127,211

     

     

     

    103,827

     

    Plus: Interest expense

     

    126,404

     

     

     

    129,121

     

    Less: Interest income

     

    (18,469

    )

     

     

    (23,498

    )

    Less: Other non-operating items, net

     

    (144,313

    )

     

     

    (19,990

    )

    Operating income (GAAP basis)

     

    509,312

     

     

     

    589,811

     

    Plus: M&A-related costs

     

    2,290

     

     

     

    19,848

     

    Plus: Asset impairment and other

     

    1,097

     

     

     

    3,359

     

    Plus: Workforce restructuring

     

    7,804

     

     

     

    —

     

    Plus: Retention costs - Employee stock-based compensation expenses

     

    9,135

     

     

     

    1,692

     

    Plus: Retention costs - Cash

     

    3,963

     

     

     

    1,192

     

    Less: Merger termination fee

     

    —

     

     

     

    (136,000

    )

    Adjusted operating income (non-GAAP basis)

     

    533,601

     

     

     

    479,902

     

    Plus: Depreciation

     

    45,026

     

     

     

    45,119

     

    Plus: Amortization of intangible assets

     

    40,790

     

     

     

    40,175

     

    Adjusted EBITDA

    $

    619,417

     

     

    $

    565,196

     

    Stock-based compensation expenses:

     

     

     

     

     

    Employee awards

     

    21,526

     

     

     

    13,711

     

    Company stock 401(k) match contributions

     

    14,251

     

     

     

    14,150

     

    Adjusted EBITDA before stock-based compensation costs

    $

    655,194

     

     

    $

    593,057

     

     
     
     
     

    NON-GAAP FINANCIAL INFORMATION

    TEGNA Inc.

    Unaudited, in thousands of dollars 

     

    Table No. 5 

     

    Reconciliations of Adjusted free cash flow to net cash flow from operating activities presented in accordance with GAAP on the company's Consolidated Statements of Cash Flows are presented below: 

     
     

     

    Period ending September 30, 2024

     

    Quarter

     

    Year-to-date

     

     

     

     

     

     

    Net cash flow from operating activities (GAAP basis)

    $

    210,057

     

     

    $

    435,216

     

     

     

     

     

     

     

    Less: Purchases of property and equipment

     

    (15,414

    )

     

     

    (36,297

    )

     

     

     

     

     

     

    Special items:

     

     

     

     

     

    M&A related costs

     

    494

     

     

     

    2,198

     

    Workforce restructuring

     

    3,084

     

     

     

    5,146

     

    Retention costs - cash

     

    2,369

     

     

     

    4,019

     

    Asset impairment and other

     

    -

     

     

     

    1,097

     

    Taxes on BMI gain

     

    10,840

     

     

     

    29,640

     

    Total Adjustments

     

    16,787

     

     

     

    42,100

     

     

     

     

     

     

     

    Adjusted free cash flow (non-GAAP basis)

    $

    211,430

     

     

    $

    441,019

     

     
     
     
     

    NON-GAAP FINANCIAL INFORMATION

    TEGNA Inc.

    Unaudited, in thousands of dollars 

     

    Table No. 6 

     

    The following table reconciles long-term debt, net of current portion to Net debt.

     

    Sept. 30, 2024

    Long-term debt, net of current portion

    $

    3,090,000

     

    Plus: Current portion of long-term debt

     

    —

     

    Less: Cash and cash equivalents

     

    (536,253

    )

    Net debt (numerator)

    $

    2,553,747

     

    The following table shows the calculation of the average annual Adjusted EBITDA before stock-based compensation over the trailing two-year period ("T2Y").

    Adjusted EBITDA before stock-based compensation:

     

     

    Nine months ended Sept. 30, 20241

    $

    655,194

     

    Plus: Year ended December 31, 20232

     

    781,562

     

    Plus: Year ended December 31, 20222

     

    1,181,045

     

    Less: Nine months ended Sept. 30, 20223

     

    (809,219

    )

    Combined T2Y

    $

    1,808,582

     

    Divided by

     

    2

     

    T2Y Adjusted EBITDA (denominator)

    $

    904,291

     

    The following table shows the calculation of the Net Leverage Ratio.

     

    Sept. 30, 2024

    Net debt (numerator)

    $

    2,553,747

     

    T2Y Adjusted EBITDA (denominator)

    $

    904,291

     

    Net Leverage Ratio

     

    2.8

    x

    1 A non-GAAP measure detailed in Table 4. 

    2 Refer to page 39 of the 2023 Form 10-K for reconciliations of 2023 and 2022 Adjusted EBITDA before stock-based compensation costs to net income attributable to TEGNA Inc. 

    3 Refer to page 27 in our Q3 2022 Form 10-Q for a reconciliation of the first nine months ended 2022 Adjusted EBITDA. Note that we did not present Adjusted EBITDA before stock-based compensation in our Q3 2022 10-Q. Our Adjusted EBITDA was $771,251 thousand while our stock-based compensation and company stock 401(k) contribution expenses were $23,625 thousand and $14,343 thousand, respectively, which sums to the amount shown above.

     
     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241106832994/en/

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    SEC Filings

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    • SEC Form 10-Q filed by TEGNA Inc

      10-Q - TEGNA INC (0000039899) (Filer)

      5/8/25 4:17:33 PM ET
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    • TEGNA Inc filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - TEGNA INC (0000039899) (Filer)

      5/8/25 8:09:52 AM ET
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    • SEC Form DEF 14A filed by TEGNA Inc

      DEF 14A - TEGNA INC (0000039899) (Filer)

      4/8/25 4:18:36 PM ET
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    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by TEGNA Inc

      SC 13G/A - TEGNA INC (0000039899) (Subject)

      11/12/24 5:55:50 PM ET
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    • Amendment: SEC Form SC 13G/A filed by TEGNA Inc

      SC 13G/A - TEGNA INC (0000039899) (Subject)

      11/4/24 1:55:27 PM ET
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    • Amendment: SEC Form SC 13G/A filed by TEGNA Inc

      SC 13G/A - TEGNA INC (0000039899) (Subject)

      10/31/24 11:54:59 AM ET
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    Insider Trading

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    • Director West Denmark converted options into 8,281 shares (SEC Form 4)

      4 - TEGNA INC (0000039899) (Issuer)

      5/5/25 4:55:12 PM ET
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    • Director Shapiro Neal converted options into 11,327 shares, increasing direct ownership by 35% to 43,373 units (SEC Form 4)

      4 - TEGNA INC (0000039899) (Issuer)

      5/5/25 4:55:18 PM ET
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    • Director Grimes Karen H. converted options into 11,327 shares, increasing direct ownership by 33% to 45,315 units (SEC Form 4)

      4 - TEGNA INC (0000039899) (Issuer)

      5/5/25 4:55:11 PM ET
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    Financials

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    • TEGNA Inc. Reports First Quarter 2025 Results and Provides Second Quarter Guidance

      Achieves first quarter key guidance metrics Reaffirms 2024/2025 two-year Adjusted Free Cash Flow guidance TYSONS, Va., May 08, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE:TGNA) today announced financial results for the first quarter ended March 31, 2025. "We're making important progress on the key initiatives that are shaping TEGNA's future," said Mike Steib, CEO. "While the macro environment remains volatile, we're staying focused on execution, reinventing how we serve our local communities to maximize the full opportunity across both linear TV and digital. With industry-leading brands, top talent, and a strong balance sheet, we are well-positioned to win." FIRST QUARTER FINANCI

      5/8/25 7:30:23 AM ET
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    • TEGNA to Host First Quarter 2025 Earnings Conference Call on Thursday, May 8, 2025

      TYSONS, Va., March 27, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE:TGNA) will host a conference call to discuss its first quarter 2025 earnings results on Thursday, May 8, 2025, at 11 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 and register before the conference call begins. Once registered, phone participants will receive dial-in numbers and a unique PIN to seamlessly access the call. TEGNA's earnings announcement will be rel

      3/27/25 8:00:46 AM ET
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    • TEGNA Inc. Reports Fourth Quarter and Full-Year 2024 Results and Provides First Quarter 2025 Guidance

      Achieves fourth quarter key guidance metrics and full-year 2024 capital return commitment Reaffirms 2024/2025 two-year Adjusted Free Cash Flow guidance TYSONS, Va., Feb. 27, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE:TGNA) today announced financial results for the fourth quarter and full-year 2024 ended December 31, 2024. "As TEGNA enters its next chapter, we are reinventing how we create and monetize content to capture the full opportunity in both linear TV and digital," said Mike Steib, CEO. "With rapid advancements in technology and a shifting regulatory landscape, we see tremendous potential in broadcasting. Backed by industry-leading brands, top talent, and a strong balance sheet, w

      2/27/25 7:30:16 AM ET
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    • Local News Veteran Adrienne Roark Joins TEGNA as Chief Content Officer

      TYSONS, Va., Feb. 19, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE:TGNA) announced today that news veteran Adrienne Roark has been named chief content officer reporting to CEO Mike Steib, effective March 31. With more than three decades of experience in news leadership, local TV station management and innovative content development, Roark brings her proven expertise to TEGNA. Roark joins TEGNA from CBS News and Stations, where she oversaw daily editorial content, managed CBS-owned stations in New York and Boston, launched weather across the network and led the group's data journalism team. Earlier, she oversaw the network's owned and operated stations in the East and Central U.S. Earlier, R

      2/19/25 1:13:48 PM ET
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    • TEGNA Names Scott Dempsey President and General Manager at WLTX in 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 president and general manager at WBTV, a market-leading CBS affiliate in Charlotte, North Carolina, from 2015-2022. During his tenure, the station achieved the top position in the market for the first time in thirty-five years, maintaining a consistent ranking within the top two in Charlotte. During his

      1/6/25 9:00:32 AM ET
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    • TEGNA Appoints Dhanusha Sivajee Chief Experience Officer

      TEGNA Inc. (NYSE:TGNA) today announced the appointment of Dhanusha Sivajee as senior vice president and chief experience officer, effective immediately. Sivajee will serve as a member of the company's leadership team, reporting to CEO Mike Steib. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241111455136/en/Dhanusha Sivajee will oversee TEGNA's research, communications, brand, performance and lifecycle marketing, and the development of consumer digital products. (Photo: Business Wire) Sivajee will lead the end-to-end journey of local community members across TEGNA's award-winning portfolio of linear, connected TV and digital ex

      11/11/24 8:15:00 AM ET
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