TEGNA INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TEGNA Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

TEGNA INC (TGNA) filed a Annual Report (10-K) with the SEC on February 29, 2024. TEGNA Inc. reported its fiscal year 2023 results, with the filing date as February 29, 2024. The company's principal business is Television Broadcasting Stations, SIC code 4833. TEGNA Inc. is incorporated in Delaware. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 8350 Broad Street, Suite 2000, Tysons, VA 22102-5151.

Why It Matters

For investors and stakeholders tracking TEGNA INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TEGNA's financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its performance. Understanding TEGNA's operations in Television Broadcasting Stations (SIC 4833) is key to evaluating its market position and future growth prospects in the media industry.

Risk Assessment

Risk Level: medium — TEGNA INC shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information including financial statements, risk factors, and management discussion, indicating a medium level of risk due to the inherent uncertainties in the broadcasting industry.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand TEGNA's performance and potential challenges in the television broadcasting sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-29 — Filing Date (Filed as of Date)
• 4833 — Standard Industrial Classification (Television Broadcasting Stations)
• 107 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• TEGNA INC (company) — Filer
• GANNETT CO INC /DE/ (company) — Former Company Name
• 2023-12-31 (date) — Conformed Period of Report
• 2024-02-29 (date) — Filed as of Date
• 8350 BROAD STREET (address) — Business Address
• TYSONS (location) — Business Address City
• DE (location) — State of Incorporation
• 7038736600 (phone) — Business Phone

FAQ

Industry Context

TEGNA operates within the television broadcasting industry, a sector characterized by evolving media consumption habits, advertising revenue fluctuations, and regulatory oversight.

Regulatory Implications

As a television broadcaster, TEGNA is subject to regulations from bodies like the Federal Communications Commission (FCC) concerning licensing, content, and ownership rules.

What Investors Should Do

1. Analyze TEGNA's revenue streams and their growth trends over the past three fiscal years.
2. Review the 'Risk Factors' section of the 10-K to identify potential challenges and uncertainties facing TEGNA.
3. Examine TEGNA's balance sheet and cash flow statements for insights into its financial health and liquidity.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date TEGNA Inc. officially submitted its 10-K report to the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K for TEGNA Inc., reporting on the fiscal year ending December 31, 2023.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share TGNA The New York Stock Excha
• $136.0 million — eement, Parent was required to pay us a $136.0 million fee as a result of this termination. In
• $2.9 billion — le segment, which generated revenues of $2.9 billion in 2023. The primary sources of our rev
• $3.9 billion — ocal television broadcasters will total $3.9 billion in 2024, up 13% over its estimate for t
• $10.2 b — ad spending, across all mediums, to be $10.2 billion, of which 50% ($5.1 billion) will
• $5.1 billion — ums, to be $10.2 billion, of which 50% ($5.1 billion) will go to broadcast television. This
• $1.11 billion — r recently amended credit revolver) was $1.11 billion. Furthermore, we have no near term debt
• $625.0 million — e agreements with a cumulative value of $625.0 million. Under these programs, we received 35.5
• $300.0 million — our share repurchase program for up to $300.0 million of our common stock, which expired on D
• $15.96 — is program at an average share price of $15.96 for an aggregate cost of $27.9 million.
• $27.9 million — rice of $15.96 for an aggregate cost of $27.9 million. In December 2023, our Board of Direc
• $650.0 million — new share repurchase program for up to $650.0 million of our common stock, which is in additi
• $800 million — ng capital to shareholders, with nearly $800 million of share repurchases and a 20 percent d
• $350 million — ares. We expect to return approximately $350 million of capital to shareholders in 2024, whi

Filing Documents

• tgna-20231231.htm (10-K) — 2307KB
• tgna-ex47_20231231x10k.htm (EX-4.7) — 31KB
• tgna-ex10182_20231231x10k.htm (EX-10.18 2) — 6KB
• tgna-ex10192_20231231x10k.htm (EX-10.19 2) — 6KB
• tgna-ex1029_20231231x10k.htm (EX-10.29) — 24KB
• tgna-ex21_20231231x10k.htm (EX-21) — 35KB
• tgna-ex23_20231231x10k.htm (EX-23) — 2KB
• tgna-ex311_20231231x10k.htm (EX-31.1) — 9KB
• tgna-ex312_20231231x10k.htm (EX-31.2) — 9KB
• tgna-ex321_20231231x10k.htm (EX-32.1) — 4KB
• tgna-ex322_20231231x10k.htm (EX-32.2) — 4KB
• tgna-ex97_20231231x10k.htm (EX-97) — 27KB
• image_0.jpg (GRAPHIC) — 77KB
• image_01a.jpg (GRAPHIC) — 77KB
• tgna-20231231_g1.jpg (GRAPHIC) — 84KB
• 0000039899-24-000006.txt (&nbsp;) — 11342KB
• tgna-20231231.xsd (EX-101.SCH) — 68KB
• tgna-20231231_cal.xml (EX-101.CAL) — 142KB
• tgna-20231231_def.xml (EX-101.DEF) — 413KB
• tgna-20231231_lab.xml (EX-101.LAB) — 923KB
• tgna-20231231_pre.xml (EX-101.PRE) — 651KB
• tgna-20231231_htm.xml (XML) — 1441KB

BUSINESS

ITEM 1. BUSINESS Our Business Overview We are an innovative media company serving the greater good of our communities. Across platforms, we tell empowering stories, conduct impactful investigations and deliver innovative marketing services. With 64 television stations and two radio stations in 51 U.S. markets, we are the largest owner of top four network affiliates in the top 25 markets among independent station groups, reaching approximately 39% of U.S. television households. We also own leading multicast networks True Crime Network and Quest. Each television station also has a robust digital presence across online, mobile, connected television and social platforms, reaching consumers on all devices and platforms they use to consume news content. We have been consistently honored with the industry's top awards, including Edward R. Murrow, George Polk, Alfred I. DuPont and Emmy Awards. Through TEGNA Marketing Solutions (TMS), our integrated sales and back-end fulfillment operations, we deliver results for advertisers across television, digital and over-the-top (OTT) platforms, including Premion, our OTT advertising network. Terminated Merger Agreement On February 22, 2022, we entered into an Agreement and Plan of Merger (as amended, the Merger Agreement), with Teton Parent Corp., a newly formed Delaware corporation (Parent), Teton Merger Corp., a newly formed Delaware corporation and an indirect wholly owned subsidiary of Parent, and solely for purposes of certain provisions specified therein, other subsidiaries of Parent, certain affiliates of Standard General L.P., a Delaware limited partnership and CMG Media Corporation, a Delaware corporation, and certain of its subsidiaries. On May 22, 2023, after a protracted regulatory review, we terminated the Merger Agreement in accordance with its terms. Under the terms of the Merger Agreement, Parent was required to pay us a $136.0 million fee as a result of this termination. In lieu of cash payment for the term

View Full Filing

View this 10-K filing on SEC EDGAR