TEGNA Inc

TGNA

Equity

ISIN US87901J1051 / Valor 28511168

New York Stock Exchange, Inc (2024-11-21)

USD 18.52+2.26%

TEGNA Inc
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About company

TEGNA Inc. is a prominent media company in the United States, known for its extensive reach and diverse portfolio in the broadcasting industry. The company owns 64 news brands across 51 markets, positioning it as one of the largest and most geographically varied broadcasters in the country. TEGNA stands out for its significant presence in the digital realm, reaching nearly 60 million adults monthly through its digital platforms. It also has a strong social media following, with more than 40 million followers and subscribers across its stations. Catering to the growing demand for streaming content, each TEGNA station operates its own YouTube channel and offers free Roku and Amazon Fire TV apps, providing live and on-demand news, weather, and sports content. This digital strategy enables TEGNA to generate over 150 million video views per month on these platforms. Furthermore, the company is distinguished as the largest owner of Big Four (ABC, CBS, NBC, and Fox) affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all TV households nationwide. This extensive reach and innovative approach to broadcasting and digital media underscore TEGNA's significant role in the U.S. media landscape.

Summarized from source with an LLMView SourceSector: Consumer Non-Cyclicals

Revenue Decrease

TEGNA Inc. reported a 3% decrease in total company revenue for the second quarter of 2024, amounting to $710 million. This decline was primarily due to lower subscription and advertising and marketing services (AMS) revenues, which were partially offset by higher political advertising dollars.

Operating Expenses

GAAP operating expenses for TEGNA Inc. increased by 26% to $569 million in the second quarter of 2024. This rise was mainly due to the receipt of a $136 million merger termination fee reflected in the previous year's results. However, non-GAAP operating expenses remained flat, benefiting from the company's initial set of cost transformation initiatives.

Net Income

TEGNA Inc. reported GAAP net income attributable to the company of $82 million for the second quarter of 2024. On a non-GAAP basis, net income attributable to TEGNA Inc. was $86 million. GAAP and non-GAAP earnings per diluted share were $0.48 and $0.50, respectively.

Adjusted EBITDA

For the second quarter of 2024, TEGNA Inc.'s total company Adjusted EBITDA decreased by 10% to $176 million. This decline was primarily due to lower subscription and AMS revenue, which was partially offset by higher political revenues.

Capital Return

During the second quarter of 2024, TEGNA Inc. returned $93 million of capital to shareholders. This included $72 million in share repurchases, representing 5.1 million shares, and $21 million in dividends. The company remains on track to meet its commitment to return approximately $350 million of capital in 2024.

Summarized from source with an LLMView Source

Key figures

16.8%1Y

-11.9%3Y

24.9%5Y

Performance

29.8%1Y

28.3%3Y

37.3%5Y

Volatility