Tegna Inc Stock Price, News & Analysis

TEGNA Inc. (NYSE: TGNA) has announced new initiatives at the IAB NewFronts, showcasing its multiplatform advertising solutions. The company operates 64 local media properties, delivering over 700,000 digital content pieces and 24 billion impressions in 2020. TEGNA Attribution is expanding to provide performance data for automotive and tourism industries while partnering with IHS Markit and Arrivalist for advanced measurement solutions. Additionally, TEGNA debuted its national VERIFY brand, with traffic increasing over 400% in 2020. Locked On sports podcasts are also expanding to streaming platforms.

Standard General L.P., TEGNA's largest equity holder, released an independent report by Quest Research & Investigations detailing allegations of discrimination within TEGNA. Following reports of racial insensitivity involving TEGNA's CEO, Standard General urged the Board to conduct an independent investigation, which was not performed. The report highlights systemic discriminatory practices at various levels within the company, contradicting TEGNA's claims of effective DE&I initiatives. Standard General hopes this report aids shareholders in making informed decisions regarding TEGNA's future leadership.

TEGNA Inc. (NYSE: TGNA) addressed Standard General's recent criticism, asserting that the company is delivering record performance and achieving all-time high share prices. The statement highlights commendations from analysts, noting TEGNA as a well-run company with a recovering ad market and strong retransmission growth. The company encourages shareholders to vote for their highly qualified board using the GOLD proxy card during the upcoming Annual Meeting on May 7, 2021. Shareholders are advised to disregard any white proxy cards from Standard General.

On April 21, 2021, Standard General L.P., the largest shareholder of TEGNA Inc. (TGNA), released an open letter criticizing TEGNA's recent rebuttal to its claims of governance failures. Standard General argues that TEGNA uses inappropriate peer comparisons, highlighting its operational underperformance and declining margins. They assert that TEGNA's Board lacks relevant experience in local television broadcasting and has engaged in poor governance, as evidenced by CEO compensation increases amid a share price decline. Standard General calls for the removal of long-serving directors, urging shareholders to vote for their nominees.

TEGNA Inc. (NYSE: TGNA) reported strong preliminary financial results for Q1 2021, with expected revenues of $727 million, a 6% increase year-over-year. GAAP net income is projected at $113 million, and Non-GAAP net income at $115 million, reflecting a 23% rise. Adjusted EBITDA is anticipated to reach $231 million, marking a 9% YoY increase. The company also expects free cash flow of $159 million, a 12% rise, and announced a 36% increase in its dividend to 9.5 cents per share. TEGNA's CEO highlighted the growth in subscription revenues and effective cost management as key drivers of their performance.

TEGNA Inc. (NYSE: TGNA) will hold its first quarter 2021 earnings conference call on May 10, 2021, at 9:00 a.m. ET. The earnings announcement will be released before market opening on the same day. The public can join the call by dialing 888-254-3590 or accessing the live webcast via investors.TEGNA.com. Following the call, a replay will be available until May 24, 2021. TEGNA operates 64 television stations across 51 U.S. markets, reaching 39% of television households, and offers innovative marketing solutions through TEGNA Marketing Solutions.

TEGNA Inc. (NYSE: TGNA) has launched Twist, a women-oriented multicast channel dedicated to lifestyle and reality programming. Available in 43 of the top 50 Nielsen DMAs and across 41 TEGNA markets, the channel also reaches Univision local television markets and HC2 Broadcasting markets. Twist offers a variety of shows, including popular titles such as Dance Moms and Top Chef: Masters, aiming to fill a gap in the multicast space for lifestyle content. An extensive promotional campaign is underway to inform viewers of the new offerings.

Standard General L.P., TEGNA's largest active shareholder, has issued a letter advocating for changes within the company. Since their involvement in 2019, TEGNA's share price increased by 51%, yet underperformed against local peers. They criticize TEGNA's management for excessive CEO compensation, declining EBITDA margins, and a lack of diversity efforts on the board. Standard General has nominated three new independent candidates to enhance governance. They urge fellow shareholders to vote on the WHITE proxy card to support these changes, emphasizing the need for better capital allocation and accountability.

TEGNA Inc. (NYSE: TGNA) announced a dividend increase of 10 cents per share, raising the annual dividend by approximately 36%. The first increased quarterly dividend of 9.5 cents will be payable on July 1, 2021, to stockholders of record as of June 4, 2021. The Board's decision reflects continued confidence in the company's performance and a robust cash flow, driven by strong revenues in subscription and political segments. TEGNA expects first quarter revenue to be at the high end of guidance, with advertising growth projected in the high-single digits.