703-873-6366 TEGNA Inc. - 2020 Annual Report Letter To Shareholders Dear Fellow Shareholders, TEGNA's purpose is to serve the greater good of our communities through empowering stories, impactful investigations and innovative marketing services. GAAP and non-GAAP operating income totaled $328 million and $331 million, respectively. Deb McDermott is an experienced and accomplished broadcast executive, and we are confident in TEGNAs future under her leadership., Ms. McDermott commented, I am honored to lead TEGNAs team to create new opportunities and build on its heritage and successes achieved under Daves leadership. TEGNA Employees Give Back to Their Local Communities During 2022, TEGNA employees gave back to their local communities by volunteering and donating to their favorite causes. The transaction has an equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt. WZDX, the TEGNA-owned FOX affiliate in Huntsville AL, has an opening for an experienced, versatile Head of Technology and Operations. The list includes stations owned by Tegna, Inc. during its former existence as the Gannett Company subsidiary Gannett Broadcasting, Inc. Fair Use Policy The company creates and delivers television programming and digital content, and information across various platforms. to be nominated as a board member for Tegna, citing an incident where CEO Dave Lougee assumed he was a hotel valet, and also potential conflicts of interest. The local affiliate I work for in Des Moines is very poorly managed. After evaluating this opportunity against TEGNAs standalone prospects and other strategic alternatives, our Board concluded that this transaction maximizes value for TEGNA shareholders. A newSecurities and Exchange Commission (SEC) filingconcerningTegna includesaccusations of broad pattern of bias and racially-insensitive behavior that were shared with the media company by its largest active shareholder. 1 "Pro forma" reflects our 2019 acquisitions of certain television stations divested by Gray, Dispatch, Nexstar and Tribune as if they had been completed on January 1, 2018. Tegna owns more than 60 local television stations in the U.S. and several other media properties. Apple tops ranking of global companies with the most 'green' revenue, UPDATE 2-North Korea says UN should demand end to S.Korea-US military drills, US Treasury puts cost of outbound investment risk program at $10 million, US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data. TEGNA Parties Democratic Party 87.5 % - Republican Party 12.5 % - Employee Political Donations Additionally, the company announced that it would buy out the remainder of Classified Ventures (a joint venture between Tegna and several other media companies) for $1.8billion, giving it full ownership of properties such as Cars.com.[5][6]. [54], Other shows Tegna Media has on first-run syndication across most of its stations are Sister Circle (also shown on cable network TV One),[55] and reality competition Sing Like A Star. [14], Prior to the company's completion of the spin-off of Cars.com, it was reported by DealReporter that Nexstar Media Group may be considering a bid to acquire Tegna. These cable networks were owned by Belo prior to acquisition by Gannett/Tegna: "TEGNA" redirects here. Interest expense decreased to $44 million compared to $46 million in the fourth quarter of 2021 due to lower average debt of $3.1 billion, resulting in net leverage of 2.44x. The transaction, which the. TEGNA also owns leading multicast networks True Crime Network, Twist and Quest. On February 22, 2022, TEGNA Inc.and Standard General L.P. announcedthat TEGNAand an affiliate of Standard General entered into a definitive agreement under which TEGNAwill be acquired by the Standard General affiliate for $24.00per share in cash. [22][23], In March 2019, Tegna announced its formation of VAULT Studios, its first, in-house digital content studio. TEGNA may also be known as or be related to TEGNA, TEGNA Inc, TEGNA Inc., Tegna, Tegna Inc. and Tegna, Inc. TEGNA produces trusted, impactful and innovative content across platforms. In Q4, Locked On set a quarterly record with a total audience of more than 66 million listens and views. [45], On February 22, 2022, Tegna announced that it had agreed to be taken private by a group led by Standard General and Apollo Global Management for $24 per-share, valuing the company at $5.4 billion. TEGNA Inc. is a proud equal opportunity employer. We are excited to partner again with Deb McDermott, who previously spearheaded the broadcast group at Media General, where Standard General was a principal shareholder. [28], On June 11, 2019, it was reported Tegna Inc. purchased the Dispatch Broadcast Group's television and radio assets, subject to regulatory approval, for $535 million. It has an unusually high proportion of employees who are members of the Democratic Party, at 87.0%. [37][46][47], The sale will also result in the realignment of station holdings presently associated with both companies: Standard Media's four stations WDKA, WLNE, KBSI, and KLKN will be sold to Cox Media Group, which will then divest its Boston station WFXT to an affiliate of Standard General, and acquire WFAA/KMPX, KHOU/KTBU, and KVUE, from Tegna.[37][46][47]. Tysons, Va. and New York TEGNA Inc. (NYSE: TGNA) and Standard General L.P. today announced that TEGNA and an affiliate of Standard General have entered into a definitive agreement under which TEGNA will be acquired by the Standard General affiliate for $24.00 per share in cash. [16], Tegna and Cooper Media, parent corporation of the Justice Network, announced on November 7, 2017, a new multicast network, Quest. (adsbygoogle = window.adsbygoogle || []).push({}); Ad-Free Login TEGNA-SVC@SARDVERB.com, For investor inquiries, contact: GAAP and non-GAAP operating expenses of $2.3 billion were up five percent and four percent year-over-year, respectively, with the increases predominantly driven by investments in Premions growth and programming costs. Here's one research-based answer to the question of liberal bias: The documentary The Myth of the Liberal Media: The Propaganda Model of News uses empirical evidence to look at ownership of the mainstream news media, filters that affect what news gets published, and examples of actual news coverage in order to show that conservative political and corporate . Subscription revenue was a fourth quarter record of $372 million, up 11 percent year-over-year, due to rate increases, partially offset by subscriber declines and the comparison to the DISH disruption in 2021. The largest donation made to a political party by a TEGNA employee was TEGNA TGNA and Comcast's CMCSA NBC recently announced the extension of their partnership by signing a multi-year deal to renew station affiliation agreements for 20 TEGNA markets in the United . Forward-looking statements in this communication may include, without limitation: statements about the potential benefits of the proposed acquisition, anticipated growth rates, the Companys plans, objectives, expectations, and the anticipated timing of closing the proposed transaction. Tegna's digital advertising subsidiary Premion will be held as a standalone business between Standard and CMG. TEGNA owns and operates ABC affiliates in nine markets across the country . Exposing corruption and wrongdoing, holding elected officials and those in power accountable, giving a voice to the voiceless and telling empowering stories that impact our lives is at the heart of our purpose to serve the greater good. You can click/tap on the image to go to the full version of the chart. [58] When the total internet media division was part of the Gannett Company, it managed the websites for USA Today, as well as Gannett's newspaper and broadcast properties throughout the United States. Local information is presented with minimally loaded wording such as this: Media Bias Fact Check offers a number of sustaining Ad-Free membership plans to fit your budget! The most directly comparable GAAP financial measure to Adjusted EBITDA is Net income attributable to TEGNA. We look forward to building on the Companys strong foundation and leveraging Debs deep industry experience to drive further growth.. Have you worked at TEGNA? A syndicate of banks led by RBC Capital Markets will provide debt financing. 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 of Directors, facilitating comparisons of results across historical periods and focus on the underlying ongoing operating performance of our business. Like Adjusted EBITDA, free cash flow is not intended to be a measure of cash flow available for managements discretionary use. WHEC-TV's frequency was shared with WVET-TV, owned by Veterans Broadcasting, from its 1953 sign-on until 1961 when Gannett purchased full ownership of the frequency. The closing of the transaction remains subject to the approval of the Federal Communications Commission (the "FCC") and customary closing conditions. The data presented on this page does not represent the view of TEGNA and its employees or that of Zippia. (Press Release). This swot analysis features 13 companies, including Charter Communications Inc, Gray Television Inc, Comcast Corp, The E. W. Scripps Co, Google LLC, Meta Platforms Inc On. Affiliates of AGM, as well as Cox Media Group (which is principally owned by AGM, with Cox Enterprises as a minority shareholder) and other investors, will hold non-voting shares in the company. TEGNA Inc (TEGNA) is a provider of media services. Again, the wording is low biased such as this: What Arizona lawmakers have to say about Wednesdays Iran briefing. TEGNA Inc. (NYSE: TGNA) today announced financial results for the second quarter ended June 30, 2022. . The wages at ION Media Networks average higher than the other similar companies, where the median salary is $72,169 per year. TEGNA Inc (TGNA) - Strategy, SWOT a The purchase includes the WBNS television (CBS affiliate WBNS-TV) and radio (WBNS (AM) and WBNS-FM) stations in Columbus, the Ohio News Network, and NBC affiliate WTHR television in Indianapolis. 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. Auto advertising saw sequential improvement throughout the year finishing with strong growth in the fourth quarter. About TEGNA. On TikTok, which represents the brands fastest growing audience, VERIFYS followers grew from 4,000 to nearly 140,000 year-over-year. Total company Adjusted EBITDA2 was a record of $1.1 billion, representing an increase of 19 percent compared to 2021 driven by high-margin political and subscription revenues, as well as ongoing cost management to ensure efficient operations. This page was last edited on 4 March 2023, at 07:53. accusations of broad pattern of bias and racially-insensitive behavior that were shared with the media company by its largest active shareholder. TEGNAs employees deserve tremendous credit for their commitment to serving our viewers with high-quality news and content that informs and supports our local communities. On February 22, 2022, TEGNA Inc. and Standard General L.P. announced that TEGNA and an affiliate of Standard General entered into a definitive agreement under which TEGNA will be acquired. Following the close of the transaction, Deb McDermott will become CEO and Mr. Kim will serve as Chairman of a new Board. TEGNA Employee Political Affiliation TEGNA employees are most likely to be members of the Democratic Party. . Potential regulatory actions, changes in consumer behaviors and impacts on and modifications to the Companys operations and business relating thereto and the Companys ability to execute on its standalone plan can also cause actual results to differ materially. Tegna also retained G/O Digital, a digital marketing services brand that it launched in August 2013, and the 20 broadcast stations it acquired from Belo Corporation in December 2013 and the six stations it acquired from London Broadcasting Company in July 2014. The average employee at TEGNA makes $56,684 per year. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. The reporting is factual and usually sourced. We have never been more certain of the importance of our role than we are today. Help us make this company more transparent. Tysons, Va. & Los Angeles, CA - October 28, 2019 TEGNA Inc. (NYSE: TGNA) and Fox Corporation (Nasdaq: FOXA, FOX) ("FOX") today announced a comprehensive, multi-year deal that renews station affiliation agreements for six TEGNA markets, including three stations acquired last month from Nexstar Media Group.. Buy a coal mine, Marianne Williamson officially launches long-shot bid for 2024, Securities and Exchange Commission (SEC) filing, Steve Bannon blasts Murdochs, Fox News in fiery CPAC speech, Legal experts say Fox News on shaky legal ground in Dominion lawsuit, Youngkin to take part in CNN town hall amid 2024 speculation, Bill Maher: I am afraid of Trump on a very personal level, FBI Dir accuses China of obfuscating Covid investigation, Poll finds Ron DeSantis top choice for 2024 GOP nominee, What Biden might try next if his student loan forgiveness plan is struck down, Trump reigns supreme at a diminished CPAC, Haley to hit Trump on spending record in closed-door Saturday speech. Free cash flow is calculated as non-GAAP Adjusted EBITDA (as defined above), further adjusted by adding back (1) stock-based compensation, (2) non-cash 401(k) company match, (3) syndicated programming amortization, (4) dividends received from equity method investments (5) reimbursements from spectrum repacking, and (6) proceeds from company-owned life insurance policies. For Gannett as a publishing company, see, This list related to film, television, or video is, Sale to Standard General and Apollo Global Management, Satellites, semi-satellites and translators. Stations streaming apps are a one-stop destination for local stories that matter and include local twenty-four-hour "Watch" streams, live local news, extended coverage, weather, station specials and investigations. Political revenue was $179 million, up nine percent from 2018, the last non-presidential election year, on a pro forma basis1. The salaries at Discovery average $66,912 per year, and the salaries at Univision Holdings, Inc. come in at $65,488 per year. Also, our non-GAAP measures may not be comparable to similarly titled measures of other companies. Moelis & Company and RBC are acting as financial advisor to Standard General and Fried Frank Harris Shriver & Jacobson LLP and Pillsbury Winthrop Shaw Pittman LLP are acting as its legal advisors. [3] [4] It was created on June 29, 2015, when the Gannett Company split into two publicly traded companies. investorrelations@TEGNA.com. Jakes' Talk Show This Summer With 44 Blue Productions, TDJ Enterprises and Enlight Productions TEGNA", "EMPOWERING NEW DAILY TALK SHOW "T.D. Exposing corruption and wrongdoing, holding elected officials and those in power accountable, giving a voice to the voiceless and telling empowering stories that impact our lives is at the heart of our purpose to serve the greater good.". In connection with the proposed transaction, the Company will file relevant materials with the U.S. Securities and Exchange Commission (the SEC), including a proxy statement on Schedule 14A. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. About TEGNA. Does Mexico want to be the next Nicaragua? We are looking for proven leader with strong technical judgment, effective communication skills, possessing an . On February 22, 2022, TEGNA Inc. and Standard General L.P. announcedthat TEGNA and an affiliate of Standard General entered into a definitive agreement under which TEGNA will be acquired by. in the U.S. and several other media properties. (AMS) revenues, which include local and national non-political television advertising, digital marketing services (including Premion), and advertising on stations' websites, tablet and mobile products and OTT apps; 3) political . Our purpose is to serve the greater good of our communities through empowering stories, impactful investigations and innovative marketing services. [39] Tegna's shareholders chose to re-elect all 12 current board members. Several categories grew year-over-year such as entertainment, travel and tourism, services, and home improvement. Included are stations WOI-DTKCWI-DT in Des Moines and WQAD-TV, based in Moline, Illinois but also serving neighboring Davenport and Pennsylvania (WPMT/Harrisburg and WNEP-TV/ScrantonWilkes-Barre). [11][12] Shortly after, Tegna completed the spin-off of Cars.com, which now trades under a new ticker symbol, CARS. And as Reagan's son assumed, Apple, Google, and most other major tech companies side with Democrats too. As a result of the pending transaction and as previously announced, TEGNA expects to continue to pay its regular quarterly dividend through the closing of the transaction, but has suspended share repurchases under our previously announced share repurchase program. Media Bias Chart (PDF version) Interactive Chart Centrist News ABC News Associated Press BBC News CBS News GAAP and non-GAAP earnings per diluted share were $0.97 and $0.98, respectively. TYSONS, Va., February 27, 2023--(BUSINESS WIRE)--TEGNA Inc. (NYSE: TGNA) today announced financial results for the fourth quarter and full-year ended December 31, 2022. On February 22, 2022, TEGNA Inc. and Standard General L.P. announcedthat TEGNA and an affiliate of Standard General entered into a definitive agreement under which TEGNA will be acquired by. At all levels, we have been tireless in our efforts to ensure TEGNA effectively serves all of our stakeholders, and I am immensely proud of these efforts. Good luck, the letter concluded. In review, 12 News KPNX reports local news primarily through TV news video and accompanying text. Tegna Inc. is a media company engaged in providing stories, investigations and marketing services. This is further adjusted by deducting payments made for (1) syndicated programming, (2) pension, (3) interest, (4) taxes (net of refunds) and (5) purchases of property and equipment. Locked On Scores a Record Year Locked On Podcast Network, which provides in-depth local coverage of every NBA, NFL, MLB and NHL team plus major college sports teams, grew its total audience by 89 percent in 2022 and delivered more than 217 million podcast listens and views across platforms. Fourth quarter Adjusted EBITDA was down 16 percent compared to the fourth quarter of 2020 reflecting reduced political revenue from the presidential election and the two Georgia Senate runoffs, partially offset by growth in subscription revenue. Tegna comprised the more profitable broadcast television and digital media divisions of the old Gannett, while Gannett's publishing interests were spun off as a "new" company that retained the Gannett name. In October 2022, Chair of the House Energy and Commerce Committee Frank Pallone and Speaker of the House Nancy Pelosi issued a letter to the FCC expressing concerns for the transaction, arguing that it "would violate the FCC's mandate by restricting access to local news coverage, cutting jobs at local television stations, and raising prices on consumers." [25][26] The FCC approved the sale on September 16. Richard Moody donated 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. Achieved record year for company revenue, subscription revenue, net income, and Adjusted EBITDA, Achieved sustained progress toward TEGNAs 2025 Diversity, Equity and Inclusion (DE&I) goals to grow Black, Indigenous and People of Color (BIPOC) representation in company leadership as well as content teams. TEGNA Inc. (Tegna), and SCGI Holdings III LLC, an affiliate of Standard General L.P. (SCGI and Standard General), have filed applications to transfer control of Tegna and the licenses of 64 full-power television stations and two full-power radio stations from Tegna's current shareholders to SCGI. Dear Mediacom Customer, As you may be aware, Tegna has been blocking Mediacom customers from watching the local broadcast stations it owns since December 31st. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups. Completed Five Year Renewal of Affiliation Agreement with ABC - In January, TEGNA entered into a comprehensive, five year deal through late 2023 with the ABC network that renews the station affiliation agreements for all of the company's ABC-affiliated stations. This is 2021, yet the roots of racist behavior within Tegna/Gannett are ugly and run deep. We encourage and consider all qualified candidates regardless of race, color, religion, national origin, sex, age, marital status, personal appearance, sexual orientation, gender identity, family responsibilities, disability . The Community Grant program serves to address local community needs. Dave Lougee - President and Chief Executive . TEGNA Inc. is a proud equal opportunity employer. TEGNA employees are most likely to be members of the Democratic Party. These achievements are a credit to the hard work of TEGNAs dedicated employees, who are the Companys most valuable asset. Filtered Search, Enter your email address to subscribe to MBFC and receive notifications of new posts by email. The split was completed on June 29, 2015. 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. 12news.com is the website for KPNX that covers news, sports, and weather. Its television stations has a digital presence on mobile, online, and social platforms. The Company and certain of its directors, executive officers and employees may be considered to be participants in the solicitation of proxies from the Companys stockholders in connection with the proposed transaction. Compared to 2020, Adjusted EBITDA was up 11 percent reflecting growth in AMS and subscription revenues, partially offset by reduced high-margin political revenue due to the absence of presidential advertising spending. Non-GAAP expenses less Premion costs increased two percent from 2021, driven primarily by programming expenses. TEGNA (TGNA) and NBC extend partnership with multi-year deal to renew station affiliation agreements for 20 TEGNA markets in the United States. Full-Time. TEGNA achieved record net income of $631 million on a GAAP basis, or $637 million on a non-GAAP basis. On February 22, 2022, TEGNA Inc. and Standard General L.P. announced that TEGNA and an affiliate of Standard General entered into a definitive agreement under which TEGNA will be acquired by the Standard General affiliate for $24.00 per share in cash. J.P. Morgan Securities LLC is acting as lead financial advisor, with Greenhill & Co. also acting as a financial advisor to TEGNA, and Wachtell Lipton Rosen & Katz and Covington & Burling LLP are acting as its legal advisors.
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