Television Broadcasting StationsIFRS · EUR

Tegna Inc

TEGNA Inc. owns and operates a portfolio of local television stations and related digital platforms across the United States. Its business combines local news, sports, weather, entertainment, and advertising sales, with stations often affiliated with major broadcast networks such as NBC, CBS, ABC, and FOX.

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Revenue2,712m EUR
−12.6 %y/y
Operating profit (EBIT)443m EUR
−43.6 %y/y
EBIT margin16.3%
−9.0 ppy/y
Net income220m EUR
−63.3 %y/y
Free cash flow283m EUR
−55.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,000m EUR2020: 2,938 m EUR2020: EBIT 871 m EUR20202021: 2,991 m EUR2021: EBIT 802 m EUR20212022: 3,279 m EUR2022: EBIT 991 m EUR20222023: 2,911 m EUR2023: EBIT 734 m EUR20232024: 3,102 m EUR2024: EBIT 785 m EUR20242025: 2,712 m EUR2025: EBIT 443 m EUR20252,712443
RevenueOperating profit (EBIT)
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Business

Share of revenue
Distribution revenue56 %

Fees from satellite, cable, streaming and telecom distributors for carrying TEGNA signals, plus content licensing for redistribution.

Advertising & Marketing Services42 %

Local and multi-market advertising sold across broadcast and digital platforms to commercial clients.

Political advertising1 %

Campaign-related advertising sold around election cycles on TEGNA stations and platforms.

Other revenue1 %

Miscellaneous revenues including smaller ancillary services and non-core items.

Products

Reported · share of revenue
46.9%39.5%12.0%FY2024100 %
  • Subscription46.9 %
  • Advertising and Marketing Services39.5 %
  • Political12.0 %
  • Other Revenue Source1.5 %

Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

TEGNA sells primarily to advertisers, including local businesses, regional brands, and national marketers that want access to local audiences across broadcast and digital channels. It also sells distribution rights to multichannel video providers, streaming apps, and telecommunications companies that carry its stations, while political campaigns and advocacy groups buy advertising during election periods.

Local and regional advertisers

Buy spot advertising and digital campaigns to reach audiences in specific U.S. markets and drive local demand.

National advertisers

Buy multi-market inventory across TEGNA stations and digital properties for broader brand campaigns.

Distribution partners

Satellite, cable, streaming and telecom providers pay fees to carry TEGNA's broadcast signals.

Political advertisers

Campaigns and political committees buy inventory around elections for targeted voter reach.

Content licensing partners

Third parties license content for redistribution or related programming uses.

Strategy

TEGNA's strategy centers on monetizing local audiences across broadcast, digital, mobile and streaming channels while preserving the value of its station portfolio and network affiliations. It also emphasizes distribution relationships, advertising analytics, and political advertising capabilities to deepen monetization of local market reach.

Grow cross-platform advertising monetizationMedium term

TEGNA needs to sell audiences across linear, mobile, streaming and desktop to stay relevant to advertisers.

Maintain distribution revenue and renewalsShort term

Carriage fees from distributors are a core revenue stream and depend on successful re-pricing and renewal.

Leverage local news and trusted journalismLong term

Local content supports audience loyalty and strengthens the value of advertising inventory.

Capture political advertising cyclesShort term

Election-related spending can materially boost station advertising inventory demand.

Geography

TEGNA's business is concentrated in the United States, where it operates 64 television stations and two radio stations across 51 markets. Its revenue and operating footprint are tied to local market economics, U.S. advertising demand, and FCC-regulated broadcast operations rather than international expansion.

Risks

TEGNA faces regulatory, technology and audience-distribution risk because its stations operate in a heavily regulated broadcast environment and depend on changing TV viewing habits. It is also exposed to advertising cyclicality, subscriber renewal negotiations, cybersecurity threats, and merger-related execution and approval risk tied to its proposed transaction with Nexstar.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Merger execution and approval risk1Distribution renewal and re-pricing risk2FCC and broadcast regulatory risk3Advertising demand cyclicality4Cybersecurity and IT disruption5Technology and viewing habit shifts6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Merger execution and approval riskImpact: CriticalLikelihood: High

    Closing conditions, regulatory approvals, litigation and transaction disruption could affect the business.

    Exposure: Corporate strategy and stockholder value

  2. Distribution renewal and re-pricing riskImpact: HighLikelihood: High

    Carriage fees depend on successful negotiations with distributors and can be disrupted by consolidation.

    Exposure: Distribution revenue

  3. FCC and broadcast regulatory riskImpact: HighLikelihood: Medium

    TEGNA operates under broadcast licenses and must comply with FCC rules and related proceedings.

    ExposureStation operationsRenewalsTransaction approvals
  4. Advertising demand cyclicalityImpact: HighLikelihood: Medium

    Local and national ad spend can fall when customers face weaker economic conditions or tariff-related uncertainty.

    Exposure: Advertising & Marketing Services revenue

  5. Cybersecurity and IT disruptionImpact: HighLikelihood: Medium

    Broadcast and digital operations rely on networked systems that can be attacked or interrupted.

    ExposureOperationsData privacyCustomer relationships
  6. Technology and viewing habit shiftsImpact: MediumLikelihood: High

    Audience migration from linear TV to streaming changes how inventory is sold and valued.

    Exposure: Audience reach and ad monetization

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Accounting

Judgemental items
Revenue timing and mix

Distribution, advertising and political revenue can vary materially by quarter and election cycle.

Impact: Affects quarterly comparability and reported growth rates

Goodwill impairment

Goodwill is a large portion of assets and depends on station and market valuations.

Impact: Could create non-cash charges if expected cash flows weaken

Legal contingencies and settlements

Broadcast companies face litigation, regulatory matters and settlement exposure.

Impact: May require accruals or expense recognition

Merger-related accounting

Transaction costs, termination risk and contingent liabilities can affect earnings.

Impact: Can distort near-term operating comparability

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Last updated: 24/09/2026