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About Tegna Inc.

TEGNA is totally tuned into TV. With about 65 properties across approximately 50 markets, TEGNA reaches about 40% of US television households giving it one of the nation's largest portfolios of television stations. It owns affiliates of the four major broadcast networks in the country's top 25 markets. Besides broadcast TV, the company's stations transmit news and entertainment for digital devices such as PCs and smartphones. TEGNA sells advertising, as well as the rights to carry its stations' signals to Pay-TV systems. The firm is made up of the television broadcasting operations formerly owned by Gannett. In 2019 TEGNA acquired nearly a dozen local stations from Nexstar Media for about $740 million.


TEGNA makes money by selling advertising and marketing services (AMS), selling subscriptions to third parties that carry its stations' signal over their systems, and providing other services such as program production. The company is the largest owner of stations that are affiliated with the big four networks -- NBC, CBS, ABC, and FOX -- in the top 25 markets.

For its AMS revenue stream, TEGNA earns money by charging a fee for television commercials and digital ads. The company gathers revenue from over-the-top (OTT) video streaming through its Premion local advertising network. Premion allows local, regional, and national customers to place digital advertising on long-form programs across streaming devices, smart TVs, and web browsers. Price is determined based on multiple factors, including the time of day the ad is aired, the supply of available inventory, the station's viewership ratings, and overall market conditions. AMS generates more than 50% of revenue.

TEGNA also earns subscription revenue from retransmitting its signal to pay TV (cable and satellite providers) and OTT (online video) services. Subscriptions account for nearly 45% of company revenue. Political advertising and other services account for the rest.

Geographic Reach

Tysons, Virginia-based TEGNA operates stations across more than 50 markets in the US, reaching nearly 40% of TV households in the US. Among its largest markets are Dallas, Houston, Atlanta, Washington, D.C., Denver, Minneapolis-St. Paul, St. Louis, Seattle-Tacoma, Portland, India polis and Arizona.

Sales and Marketing

Customers that purchase TEGNA's advertising and marketing services include local, regional, and national advertisers across its markets. Subscription revenue customers include cable operators and satellite providers. The company has retransmission consent agreements with almost all cable operators and satellite providers for carriage of its television stations, and has retransmission agreements with major telecommunications companies. TEGNA has OTT distribution deals with major network partners and streaming services such as Hulu, YouTube TV, and Direct TV Now.

The company spent about $9.4 million, $10.4 million and $5 million on advertising in 2019,2018 and 2017 respectively.

Financial Performance

TEGNA's revenues have increased and decreased sporadically since 2015.

In 2019, revenue increased $92.2 million, or 4%, compared to 2018. The increase was primarily due to subscription revenue growth of $96.6 million, or 20%, primarily due to annual rate increases under existing retransmission agreements and an increase in AMS revenue of $8.6 million (due to higher digital revenue).

Net income dropped by 29% to $286.2 million in 2019 due to higher expenses mostly in general and administrative expenses.

TEGNA had about $29.4 million in cash in 2019 compared to $135.8 million in 2018. Cash from operating activities was $297.5 million. Investing activities used $1.5 billion, primarily due to the purchases of acquisitions and property and equipment. Financing activities used provided another $1.2 billion million for debt activity and dividend payments.


During 2019, TEGNA successfully executed multi-year renewals of our principal affiliation agreements with CBS (extended through 2022), ABC (extended through 2023), and Fox (extended through 2022). Today, TEGNA is the largest independent owner of NBC affiliated stations and second largest owner of CBS affiliated stations.

As a result of its 2019 acquisitions, the company have strategically expanded its portfolio to include additional key political markets and are primed to benefit from expected record political advertising in 2020. Its broadcasting assets, paired with Premion, offer political campaigns the ability to reach voters across the country, not just in TEGNA television markets. It also continued to expand market share in its marketing services business through its sales transformation efforts, including innovations like its centralized 360-degree marketing services agency, its centralized pricing platform, and a well-trained, solutions-oriented salesforce.

As the consumption of content on digital platforms increases, TEGNA continued to make investments in developing new ways of connecting with local audiences and enhancing its digital capabilities. In 2019, this included initiatives focused on diversifying its web traffic sources, improving its digital workflow, redesigning stations' mobile apps and deploying industry-first innovations across its newsrooms.

On February 26, 2020, TEGNA announced a new strategic partnership with Gray Television (Gray) in which Gray will acquire a minority ownership interest in Premion. As part of this new partnership, Gray will serve as a reseller of Premion's services across all of Gray's 93 television markets.

Mergers and Acquisitions

TEGNA in 2019 bought about a dozen local TV stations from Nexstar for about $740 million in cash, its largest acquisition since becoming a pure play broadcaster in 2017. The stations complement its existing portfolio of top affiliates and add four key markets to its political footprint so it can benefit from the expected record spending to occur around the 2020 presidential election. It also acquired the Atlanta Based Justice Network and Quest, two fast-growing networks that reach more than 87 million US TV homes. The total cash paid in this acquisition is about $77 Million.

In 2019, TEGNA acquired stations in Toledo, Ohio and Midland-Odessa, from Texas for approximately $110 million. WTOL, the CBS affiliate in Toledo, and KWES, the NBC affiliate in Midland-Odessa, are strong local media brands in key markets that enhance the company's portfolio of Big 4 affiliates. KWES deepens its presence in high-growth Texas where TEGNA owns more than 10 stations, covering more than 85% of TV households in the state.

Company Background

TEGNA was formed in 2015 through a spin-off transaction that separated Gannett's publishing and broadcasting operations. The idea was to optimize profitability for each part of the previously larger single company. In 2017, TEGNA spun off its business unit and sold its ownership stake in CareerBuilder.

Tegna Inc.

8350 Broad St Ste 2000
Tysons, VA 22102-5151
Phone: 1 (703) 873-6600

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: TGNA
Stock Exchange: , NYSE
EVP and CFO: Victoria D. Harker
Chairman: Marjorie Magner
President and CEO: Gracia C. Martore
Employees (This Location): 120
Employees (All Locations): 6,883

Major Office Locations

Tysons, VA

Other Locations

Tucson, AZ
San Diego, CA
Denver, CO
Washington, DC
Jacksonville, FL
Saint Petersburg, FL
Seminole, FL
Atlanta, GA
Macon, GA
Boise, ID
Hoffman Estates, IL
Bangor, ME
Golden Valley, MN
Greensboro, NC
Buffalo, NY
Bryan, TX
Dallas, TX
Fort Worth, TX
Houston, TX
San Angelo, TX
Temple, TX