TEGNA, Inc. (TGNA)

A definitive agreement was made for Nexstar Media Group to acquire TEGNA for $22.00 per share in cash, valued at $6.2 billion, which was approved by shareholders in November 2025 and is anticipated to close in the second half of 2026. TEGNA experienced a 19% year-over-year drop in Q3 2025 revenue, totaling $651 million, primarily due to a cyclical dip in political advertising. In 2025, TEGNA announced a major expansion of its digital-first local news, adding over 100 hours of new daily local news programming across more than 50 markets via streaming and connected TV apps. The company continues to invest in NextGen TV (ATSC 3.0) and Dynamic Ad Insertion capabilities to enhance targeted advertising. Q1 2025 saw a 5% year-over-year decline in total revenue, mainly due to lower political advertising revenue and macroeconomic headwinds affecting advertising and marketing services. TEGNA reaffirmed its cost-cutting target of $90 million to $100 million in annualized savings by the end of 2025. Between January 13, 2025, and January 9, 2026, TEGNA's share price increased by 5.45%.

Demand for TEGNA's products and services is significantly impacted by political cycles, with a cyclical boost in political advertising during election years and a subsequent dip in non-election years. Broader advertising and marketing services revenue can be influenced by macroeconomic uncertainty. Local TV news viewership has shown resilience, with an increase during events like the pandemic, and advertising alongside local news is perceived as more trustworthy by viewers. Certain periods, such as the NFL season, see high demand for advertising inventory. TEGNA's strategy includes expanding digital offerings and investing in targeted advertising to mitigate some of the traditional seasonality and shifts in media consumption.

TEGNA Inc. is an American publicly traded broadcast, digital media, and marketing services company headquartered in Tysons, Virginia, operating primarily within the Broadcasting sector and the Media industry. The company operates 64 television stations and two radio stations, and owns multicast networks such as True Crime Network, Twist, and Quest. TEGNA delivers integrated sales and marketing services across television, digital, and OTT platforms through TEGNA Marketing Solutions (TMS) and Premion. The company generates revenue primarily through retransmission fees and advertising sales.

TEGNA operates 64 television stations and two radio stations in 51 U.S. markets, reaching approximately 39% of all U.S. television households. The company is recognized as one of the largest and most geographically diverse broadcasters in the U.S.

TEGNA has maintained a strong reputation for its journalism and community involvement, with its stations receiving top industry awards, including National and Regional Edward R. Murrow Awards. The company has also been recognized for its corporate social responsibility, being named one of the most community-minded companies in the U.S. by The Civic 50 for the fifth consecutive year in 2024. However, some negative sentiment has been observed, particularly in online discussions from late 2024 and early 2025, highlighting concerns among employees and former employees regarding marketing, production, and editorial cuts, increased utilization of AI leading to job losses, and criticisms regarding the leadership's approach to news content.

TEGNA Inc. has significant institutional ownership, with institutional owners and shareholders holding a substantial portion of the company's shares, ranging from approximately 86.12% to 93.89%. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, Dimensional Fund Advisors Lp, iShares Core S&P Small-Cap ETF, Lsv Asset Management, State Street Corp, FIL Ltd, VEIPX - Vanguard Equity Income Fund Investor Shares, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, and Geode Capital Management, Llc.